Company Pension Transfer Plan (Bulk Section 32)
If trustees of your occupational pension scheme transferred your pension to Prudential then you may have a pension with us known as a Company Pension Transfer Plan. It is sometimes also referred to as a Bulk Section 32 scheme.
We will have provided you with a Transfer Certificate confirming your plan, and you should also be receiving annual statements. Your policy number will be on this statement, please use it in any correspondence with us.
Features of a Company Pension Transfer Plan
For more detailed information about the Company Pension Transfer Plan please read the key features.
- Basic Annual Management Charges dependent on investment choice. More information is available in your plan literature.
- Range of funds - your pension contributions can be invested in a choice of funds. The funds actually available to you may depend on the particular scheme you join. Note that the value of your fund may fluctuate and you may not get back your original investment.
- No exit penalties - however, a Market Value Reduction may apply for investments in the With-Profits Fund, and this would have the effect of reducing your fund.
- Guaranteed Minimum Pension - the benefit you receive will not be less than your Guaranteed Minimum Pension. Please read your plan literature for exceptions and charges.
- Your plan has tax benefits. associated with saving in a pension scheme. Note that pensions in payment are taxed as earned income.
Review your Company Pension Transfer Plan (Bulk Section 32)
- Read your plan literature.
- Send us a secure message online to find out more about your plan or make any changes to it.
- Or call us on 0808 234 3030 (Monday to Friday 9am-6pm).
- For more information on pensions in general read our guide to pensions.
*The above is based on our understanding, as at 6 April 2010, of current taxation, legislation and HM Revenue & Customs practice, all of which are liable to change without notice. The impact of taxation (and any tax relief) depends on individual circumstances.
