The Defined Contribution (DC) Section of the Prudential Staff Pension Scheme (the Scheme)
One of the valuable benefits provided to you as an employee of the Company is membership of the DC Section of the Scheme.
Membership of the Scheme provides you with a number of valuable benefits, which are set out briefly below. Each of these is explained in more detail throughout this website or in the Member Booklet which can be downloaded from the Document library.
Prudential Staff Pensions Limited (a limited company) is the Trustee of the Scheme, who is responsible for ensuring the Scheme is administered in accordance with the Trust Deed and Rules as well as ensuring the Scheme assets are invested for the benefit of members and their beneficiaries.
The Company appoints the Trustee and individual Trustee Directors are selected under the agreed arrangements in line with current legislation. There are up to 10 individual Trustee Directors – four of whom are Member Nominated Trustee Directors (MNTDs). The remaining six are appointed by the Company.
Information on the Trustee is provided each year in the in-house publication Pension Overview. Copies of past and present publications can be obtained from the Document library.
As a member of the DC Section, when you retire your retirement benefits are determined by the accumulated value of your Personal Account (sometimes referred to as your pension pot).
The value of your Personal Account is determined by several key factors:
Each month the contributions received are invested in your chosen fund(s) and it is the accumulated value of these investments that determine the value of your Personal Account. If you do not make an active investment choice, your Personal Account (including your personal contributions, Employer Credits and Matching Employer Credits) will be invested in the Multi-asset Lifestyle Profile.
Each year you will be able to view online an Annual Benefit Statement. This is a very important document and gives you current information on the amount contributed by you or on your behalf in the preceding 12 months together with the current and estimated value of your Personal Account and the benefits it could provide you on retirement.
If you regularly review your investment choices and retirement planning, either by yourself or with a financial adviser, then the Annual Benefit Statement will assist you with such matters.