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.
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- You can make flexible payments - once you've started your SIPP with a minimum £10,000 payment, you (or your employer) can make further contributions as and when you wish, so long as the minimum is £200. Note that any changes to your contributions will impact on your benefits at retirement
- Flexible charging structure - you pay depending on the range of funds you want to access. Bear in mind charges may vary in future.
- Wide range of investments to choose from - you'll 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.
-You can also 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.
Read our FRP Fund Guide for more on the funds offered under the plan. 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.
- Tax relief* - for every £80 you invest in your pension, the government will pay a further £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. You are also allowed to take up to 25% of your fund as tax-free cash when you retire. Note that is the income you receive is taxed as earned income.
- Complete control - you'll have total say over your investments so long as they are within the range of assets allowed by the plan. You'll need to actively manage your SIPP, perhaps in conjunction with a financial adviser.
- 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.
Review your SIPP
To make changes to your plan:- Please speak to your financial adviser
- Call us on 0845 640 2000 (Mon-Fri 8am-6pm)
- You can also send us a secure message online anytime
- Or 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).
