Prudential Private Pension

Investment Questions and Chats General Investment
1

Salam,

I have a private pension with Prudential and currently the money is invested in their PruFund Risk Managed 3 Fund Series E, which invests the money in various places including UK Fixed Interest, US Fixed Interest, UK Equities, Property, Pacific Market Equities, Global Emerging Markets Equities etc. I have queried with Prudential if they have any shariah compliant funds but the response has been no.

Detail on the fund is below:
https://www.fundslibrary.co.uk/FundsLibrary.BrandedTools/PruConsumer/DataOnline/HtmlFactsheet/bd23decf-9ac7-4683-9c11-08c39fc18bc8#essentials

Can you confirm the best course of action? Should I get the money moved to a cash SIPP? Also what actions need to be taken to make the money from this Pension halal as it has been invested for some time.

Thanks

2

Assalaamu alaykum,

From a Shariah compliance perspective, we would advise you to do whatever is possible to get a Shariah compliant pension. A SIPP is an option.

In terms of making the pension halal, all the capital that has been invested can be redeemed. The profits must be purified and disbursed in charity.

@Mohsin_from_IFG can advise you further in this dilemma.

3

Prudential offer shariah compliant funds. You should be able to move your pensions to the shariah compliant fund relatively easily by contacting them.

4

Thank you. I will contact them again as the initial response was that they don’t.