Flexible Retirement Plan (with SIPP options)
Your Flexible Retirement Plan is designed to help you save towards your retirement in a tax-efficient* way.
It offers a range of retirement and investment planning solutions for your changing needs, including a SIPP (self-invested personal pension) option for more control over your investments.
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- Make flexible payments - regular or one-off payments or a combination of both. Invest as little as £100 each month or a £5,000 initial contribution. Note that any changes to your contributions will impact on your benefits at retirement.
- Wide range of investments to choose from - you have access to our:
-Core multi-asset funds, including With-Profits and PruFund, with guarantees available.
-PruSelect range, chosen by independent research company Old Broad Street Research (OBSR), a Morningstar company.
-Five Dynamic Portfolios targeting different levels of risk and potential return and our unique combination of experts - Prudential's Portfolio Management Group for asset allocation and OBSR for fund selection and recommendation.
-There is also a lifestyle option to help you manage risk by automatically switching into funds with lower risk profiles as you approach your selected retirement age. - Tax relief* - for every £80 you invest in your pension, the government will pay an extra £20, while higher rate taxpayers can claim back a further £20 - see our tax relief calculator for more or read about the tax benefits of saving in a pension. Note that pensions in payment are taxed as earned income.
- SIPP options - if you invest in our SIPP options (self-invested personal pension) you have an even greater choice of investments through our SIPP fund range. You can choose from over 1,300 funds through the Cofunds supermarket with our lower cost FundSIPP (up to 20 funds) or the full range of investments through the Full SIPP. The SIPP option can be switched on or off at any time so you pay only for what you use. Bear in mind that the value of your investment may go down as well as up and you may not get back your original investment.
- Income Drawdown option - this allows you to draw an income direct from your pension fund until you are ready to buy your pension annuity. Read more about the Income Drawdown option.
- Choice of how to take benefits - take the whole fund as taxable income, or take part of your fund as a tax-free cash sum and the balance as a smaller taxable income. Note that any income or withdrawal taken will reduce the value of your plan.
Review your Flexible Retirement Plan
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To request a valuation:
- Send us a secure message online anytime
- Please speak to your financial adviser
- Call us on 0845 640 3000 (Mon-Fri 8am-6pm)
- Send us a secure message online anytime
- Write to us at Customer Service Centre, Prudential, Stirling, FK9 4UE
*The above is based on our understanding, as of April 2011, 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).
