Prudential has implemented withdrawal restrictions on its Workplace Pensions Prudential UK Property fund as scrutiny on open-ended funds' liquidity issues continue.
The firm said requests to access money from the fund will be delayed for up to six months, adding that clients will receive a letter confirming the request when it is ready to be actioned. In a shareholder notice, Prudential said: "Occasionally we put withdrawal requests on hold for this type of fund which enables us to get the best price we can for property we are selling within it. This is normal practise and aims to protect the value of the fund for everyone invested in it. "The fund manager needs to sell some of the property the fund owns, so we can make payments. "We will con...
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