Flexible Retirement Plan (with SIPP options)

Your 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 a SIPP (self-invested personal pension) option for more control over your investments.

The Flexible Retirement Plan closed to new customers on 17 September 2018 but if you're an existing customer you're still able to make changes to your plan.

What you might be looking to do:

  • Change the funds your plan's invested in.
  • Stop paying money into your plan.
  • Take one off cash lump sums
  • Take a regular income
  • Move your money to a different plan.

Before taking money out of your plan:

Taking money out of your plan, whether as regular or single amounts, will leave you with less money in the future and there's a risk you could run out.

You need to make sure your money will last for as long as you want it to, or you'll have to rely on another source of income in retirement, like the State Pension.

We recommend you get financial advice before you take any money out to make sure you're making the right decision.

An adviser will guide you on the impacts of taking money out as well as your investment choices for the remaining money, to make sure that your plan continues to meet your needs.

If you’re considering any of these, please look at the links at the bottom of this page.

Features of your Flexible Retirement Plan

  • Possible range of funds - your pension contributions might be invested in a choice of funds. The funds you can choose from might vary depending on what funds are actually available at the time.
  • Tax relief* - for every £80 you invest in your pension, the government will pay an extra £20. If you earn above the basic rate of tax, you can claim additional tax relief through your tax self-assessment form. Read more about the tax benefits of saving in a pension.
  • 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 a large number of funds available 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.
  • Flexible income or cash (also known as drawdown) - this allows you to draw an income direct from your pension pot until you're ready to buy your pension annuity. Please read the section above 'Before taking money out of your plan' for more information.

Please keep in mind, the value of your investment can go down as well as up so you might get back less than you put in.

If you take more money from the plan than the amount your investment has grown by, the value of your investment will be less than you’ve put in.

Review your Flexible Retirement Plan

Our dedicated page on the PruFund range of funds gives you information including how our smoothing process works, access to both historic and current Expected Growth Rates (EGRs) and details of any historic Unit Price Adjustments (UPA).

You can use our online services to get an up-to-date valuation of your plan anytime.

If you've not registered yet, this only takes a few minutes. You'll need your policy number to hand

If you're thinking of making changes to your plan, including adding more money, it's really important you speak to a financial adviser. They can help you understand if what you want to do is right for you and your aims and circumstances, that may have changed since you took your plan out. They'll be responsible for the advice they give and you'll also have protection from the Financial Ombudsman Service.

Regardless of whether you’ve taken advice, you can refer any matter to the Financial Ombudsman Service for consideration should you feel that you haven't been treated fairly, or for any other aspect under the Financial Ombudsman Services remit.

If your personal details have changed you can update this yourself through our online services.

If you've not registered yet, this only takes a few minutes. You'll need your policy number to hand.

If you're looking to change your marital status you'll need to write to us with the following:

  • Your policy number, your previous name, your new name and your new signature.
  • Your original Marriage Certificate, Deed Poll or Decree Absolute (this will be returned to you straight away).

Customer Service Centre,
BN15 8GB

To find out more about how we use your personal data please see our Data Privacy Notice.

*Tax rules can change and the impact of taxation (and any tax relief) depends on your circumstances.

Get in touch

Online Services

Through our online services, you may be able to manage your product enquiry yourself. If not, you can send us a secure email to deal with your product query.

You can check the value of your policy, change personal details, view key documents online and send us secure messages.

If you've not registered yet, this only takes a few minutes. You'll need your policy number to hand.

Call us

0345 640 3000 0345 640 3000

Monday to Friday, 8am-6pm

We might record your call for training and quality purposes. To find out more about how we use your personal data please see our Data Privacy Notice.