Combination Plan
Your Combination Plan combines a With-Profits bond provided by Prudential with a savings account provided by Northern Rock. Your initial investment was split 70% to the bond and 30% to the savings account.
Now your bond and the savings account are set up the two products are managed completely separately. The bond is set up and administered as a standard Prudence Bond.
Topping up your investment
You can top-up your bond at any time by reading the key features, completing a top up application form and forwarding this, together with a cheque to Prudential, Stirling, FK9 4UE.
The minimum top-up amount is £5,000. The maximum amount you can invest is £500,000 per owner, so for example joint policy holders could invest up to £1,000,000. Note that minimum and maximum investment levels may vary depending on the bond version you hold or the investment fund you have selected.
So you should ring our call centre on 0845 640 1000 to confirm these before making a large top-up.
Benefits
- You can take regular or one off withdrawals from your bond at any time. Note that certain withdrawals could be subject to charges or a Market Value Reduction.
- You can set the amount of regular withdrawals and choose how often it is taken, within certain minimum and maximum levels.
- If you pay tax your bond has a valuable tax benefit. This allows you to
take out up to 5% of your investment each year from your plan for up to 20 years
– free from any immediate income tax liability. There may however be
additional tax liability when you cash in your plan.
This is based on our understanding, as at August 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.
What will I get back?
This depends on many things including investment performance, which can go down as well as up, any withdrawals, features you choose, charges and any tax liability that may apply.
Review your Combination Plan
- To top up your bond read the key features, fill in the top-up application form and send it to us.
- To make any changes, make withdrawals, or find out more about your bond call 0845 640 1000 (Monday-Friday 8am-6pm) or send a request online.
- We send you a statement each year but you can also request a fund valuation online.
Read more
Prudence Bond Key Features
Prudence Bond top up application form
Taxation of bonds
