Changes to the Money Purchase AVCs (MPAVC) arrangement with Prudential
As previously communicated, we have made some changes to the Money Purchase AVCs (MPAVC) arrangement with Prudential. As part of the changes, some funds will be automatically switched from Prudential to the USS Investment Builder in April. We will be writing to any members affected by the automatic switch with more information in the coming weeks. In the meantime, general information about the changes, including a dedicated FAQ section is available online.
To allow Prudential time to prepare for the automatic switch, a ‘blackout period’ will apply. This period will last from 31 March 2017 to 21 April 2017. During the blackout period, it will not be possible for Prudential to process individual fund switches, transfers-out or retirement requests. Any death or serious ill-health cases will be processed as normal.
For transfers-out and retirements to be completed before the blackout period begins, the relevant documentation must be returned to USS by 17 March 2017. Any requests made after this date will be processed after 21 April 2017. In the case of any fund switches, including With-Profits and Deposit Fund switches, these must be requested directly with Prudential by 24 March 2017. After that date, the unit-linked funds will be closed to future switches.