CONTACT : Tel: 02476 472 582
10 November 2021

Update on Prudential AVCs – November 2021

Dear members,
We know a lot of you have been experiencing issues with Prudential, the Scheme’s current Additional Voluntary Contribution (AVC) provider. The Trustee has made a complaint to Prudential and continues to raise further complaints on receipt of feedback from you, the members.  Unfortunately Prudential are experiencing significant issues and have yet to investigate our complaints or rectify the problems. Therefore we have come to the conclusion that Prudential is no longer an appropriate AVC provider for us.
We have selected Aegon as our AVC provider for future contributions. We believe this to be an improvement on the current situation as it will not only improve members’ experience through the addition of engaging tools and you’ll also benefit from lower charges and we believe continued good investment performance. The Trustee and its advisers are currently selecting the Aegon funds range and we will share more information as it becomes available.
We are working with our advisers to implement this change which we expect to be during Spring next year. We will continue to work with Prudential to mitigate the current poor service and, in time to arrange the transfer of existing funds to Aegon. We will provide further details as the project progresses and keep you updated throughout on this website.

Magnox Electric Group Trustees