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:

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.