Flexible Retirement Plan (with SIPP options)
Features
Minimum initial payment £5,000 |
Minimum monthly payment £100 |
Tax-free cash lump sum |
Regular (taxable) income |
Income Drawdown option |
Wide range of investments |
Access to the Self-Invested Personal Pension (SIPP) option |
Lifestyle switching |
Benefits for your dependants |
The 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 SIPP (self-invested personal pension) options for more control over your investments.
Average life-expectancy is increasing so saving in a pension is a prudent way of helping to fund the lifestyle you want in retirement.
Why save in a Flexible Retirement Plan with Prudential?
- 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.
- 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. - Tax relief** - subject to HMRC limits, 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.
Read more about the SIPP option or 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. - 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.
-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.
Take action
Read the key features and speak to a financial adviser to find out about, or start, our Flexible Retirement Plan.
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*Flexible Retirement Plan - PruFund Expected Growth Rates
You can see the latest expected growth rates for PruFund Growth Pension Fund and PruFund Cautious Pension Fund available through our Flexible Retirement Plan in the table below. ShowPlease note the following about the current rates:
- The rates are effective from 25 November 2011 to 26 February 2012.
- The Expected Growth Rates quoted below are shown gross of product charges.
- They are the annualised rates which will be applied daily to increase the unit price of each fund and are set quarterly by the Prudential Directors having regard to the expected long term investment return on the assets of each fund.
- The Expected Growth Rates set at future quarter dates are not guaranteed and may be higher, the same or lower than those applying at the start of your investment.
- The unit price may be adjusted at the start of each quarter or, more rarely (subject to the underlying asset performance), during the quarter, which will affect any growth you receive.
Fund Expected Growth Rates before charges PruFund Growth Pension Fund 7.90% p.a. PruFund Protected Growth Pension Fund 7.90% p.a. PruFund Cautious Pension Fund 7.50% p.a. PruFund Protected Cautious Pension Fund 7.50% p.a. PruFund 0-30 Pension Fund 7.40% p.a. PruFund 10-40 Pension Fund 7.80% p.a. PruFund 20-55 Pension Fund 8.00% p.a. PruFund 40-80 Pension Fund 8.20% p.a. Read more about expected growth rates.
Read more
FRP/SIPP Key Features (pdf 195k)
FRP Transfer Key Features (pdf 204k)
FRP Rebate Only Key Features (pdf 189k)
FRP Fund Guide (pdf 151k)
PruFund Range of Funds: Guarantee Options (pdf 137k)
FRP Questions and Answers (1627k)
FRP Technical Guide (pdf 623k)**This is based on our understanding, as at February 2011, of current taxation, legislation and HM Revenue & Customs practice, all of which is liable to change without notice. The impact of taxation (and any tax relief) depends on individual circumstances.
