Prudential Savings Account / Prudential Investment Bond
Stopping or reducing payments to your plan
If you’re considering stopping or reducing payments to your plan, we’ll be happy to help. It’s important to note that once you’ve told us what you’ve decided to do, you may not be able to change your mind. Please be sure you understand all your options, and the effect of any changes you make. There are a few things you and any other plan owner should think about before you make any decisions.
If you have any questions once you’ve read this summary, or need any help understanding your options, just call us on 0345 640 1000, or +44 178 644 8844 if you’re calling from abroad.
How your plan works
Prudential Savings Account and Prudential Investment Bond are medium to long-term investment plans that accept a mix of regular and one-off payments. They invest in the With-Profits Fund. Both plans also provide a small amount of life and terminal illness cover.
The value of your investment can go down as well as up and you may not get back the amount that you put in.
Your options are:
- To stop making payments but don’t cash in your plan. You can choose to restart regular payments at a later date. You can also make one-off payments.
- To reduce your regular payments.
Please contact us to find out more about restarting payments as there are some minimum payment restrictions which may apply.
If you took out life cover and/or critical illness cover with your plan, they will be unaffected. If you’re looking to reduce your outgoings but want to retain your life and/or critical illness, you may be able to cover the payments from the value of your plan, so please contact us to find out more.
Things to consider before making your decision
It’s important to remember that stopping or reducing payments could restrict growth potential of your plan. You might want to think about your original reason for saving, and the impact that making a change could have.
Protecting yourself from investment scams
According to Action Fraud, the UK’s fraud and internet crime reporting centre, an estimated £1.2bn is lost to investment scams every year. So if you’re thinking of reinvesting the money from your plan, take a minute to find out how to stay ahead of the scammers.
What to do now
Give us a call on 0345 640 1000 or +44 178 644 8844 if you’re calling from abroad.
We can’t give you advice or make your decision for you, but we’ll be happy to help you understand your plan and talk you through all your available options and their possible implications.
Alternatively, speak with a financial adviser - if you don’t have one, you can get details of financial advisers in your area from www.pru.co.uk and selecting ‘Contact a Financial Adviser’. Financial advisers will charge you a fee for any advice they give you, but it will be personal to you.
We’re here 8am - 6pm Monday to Friday and happy to help in any way we can. Please make sure you have your plan number to hand when you call.