Prudential Personal Pension
Your Prudential Personal Pension offers a tax-efficient, and flexible way to help save towards your retirement.
And with average life expectancy increasing, saving in a pension and topping it up is a great way to help build up a larger fund for when you retire. Read about the benefits of topping up.
- Tax-efficient saving* - the Prudential Personal Pension qualifies for tax relief, just like other pension plans, and you can take a tax-free cash lump sum on retirement. Read more about the tax benefits. Pensions in payment are taxed as earned income.
- Flexibility - you can increase, decrease or stop and start payments at any time without penalty. Note that charges will continue to be deducted and that any changes to your contributions will impact on your benefits at retirement. (Annual charges are currently about 1% of the total fund, depending on the funds you choose, and may vary in the future.)
- Range of funds - Your pension contributions can be invested in a choice of funds. The funds you can choose from may vary depending on what funds are actually available at the time. The value of your investment may go down as well as up and you may not get back your original investment.
- Currently switch funds at any time with no switching charge. However, a Market Value Reduction may apply for investments in the With-Profits Fund, and this would have the effect of reducing your fund.
- Lifestyle options - rather than you making decisions about when to move to lower risk investments, your money can automatically be moved to less risky investments as you approach your intended retirement date.
*The above is based on our understanding, as at September 2015, 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).