The arrangement follows a strategic review by Nationwide of its AVC deposit service and a decision to withdraw AVC accounts from its current product range.
Prudential has received a positive response from the trustees of the ex Nationwide accounts with 228 schemes having transferred to date. Prudential put in place a package of extended service benefits for Nationwide’s transferring trustees, including client management services and statutory money purchase illustrations at no cost. Martyn Bogira, director of defined corporate solutions at Prudential says: “This is a significant deal and reflects our standing in this market. Nationwide clearly saw we were able to provide market leading stability and security, combined with competitive rates for trustees transferring AVC monies and that we could do so with the minimum of fuss, ensuring continuity for scheme members”.