Self-Invested Personal Pension

Your Self-Invested Personal Pension (SIPP) allows you access to a wider choice investments when it comes to saving for your retirement. Prudential's SIPP is available through the Self Invested Fund option on the Flexible Retirement Plan.

If you need to let us know about your change of name or change of address, please contact us on 0845 640 2000, send us a secure online message, or write to us at Customer Service Centre, Prudential, Stirling, FK9 4UE.

To make any other changes to your plan please contact your financial adviser.

Benefits

• Flexible payments - you can make further contributions as a when you wish, so long as the minimum is £200. You can also stop paying or take a payment break. Note that charges will still be applied and deducted.
• Wide range of investments to choose from - including our Prudential multi-asset funds, the PruSelect range (selected by independent research company Old Broad Street Research), and the Additional Fund Choice range. You can also choose from seven portfolio options and lifestyle options to help you manage risk.
• 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 1,100 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. Note that charges may vary in future.
• Income Drawdown option - this allows you to draw an income direct from your pension fund until you are ready to buy your pension annuity.
• 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. Note that the value of your investment may fluctuate and you may not get back your original investment.
• Complete control - you have total say over your investments so long as they are within the range of funds allowed by the plan. You'll need to actively manage your SIPP, in conjunction with a financial adviser.
• Lifestyle switching option - this aims to provide long-term growth with automatic switching into funds with lower risk profiles as retirement approaches.
• *Tax relief - for every £80 you invest in your pension, the government will pay a further £20. As a higher rate taxpayer you can claim back an additional £20. For more information see our tax relief calculator or read about the tax benefits of pensions. Note that pensions in payment are taxed as earned income.

Read more about the SIPP option or our FRP Fund Guide for more on the funds offered under the plan.

Review your SIPP

• If you need to let us know about your change of name or change of address, please contact us on 0845 640 2000, send us a secure online message, or write to us at Customer Service Centre, Prudential, Stirling, FK9 4UE.
• To make any other changes to your plan please contact your financial adviser.
• For more about pensions in general read our pensions guide.

Read more

FRP/SIPP Key Features (pdf 195k)
FRP Fund Guide (pdf 151k)
FRP Questions and Answers (1627k)
FRP Technical Guide (pdf 623k)


*The above is based on our understanding, as at 6 April 2009, 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).