Just a heads up that there is a new competition out there that accepts coloured pencil works and has a prize fund of £35,000! Held in the Mall Galleries, London, the Threadneedle Figurative Prize competition is open to all artists over 18, and work must have been completed since Jan 2007. What appealed to me about this competition was the fact that it specifies that work should be representational and retain "a strong reference to the real world", and also that the major prize will be voted on by the public - this is not the Turner Prize! The full rules are here, and the most important thing is probably the deadline - Friday 20th June.
Best of Luck!