Pension Choices Plan
Thank you for choosing Prudential and our Pension Choices Plan. We’ve been helping people plan for their futures since 1848 and appreciate you placing your trust in us.
Our Pension Choices Plan offers you both a Personal Pension or Drawdown option to provide you with the flexibility to manage your money and your financial needs throughout your retirement.
What you may be looking to do
Take one off cash lump sums
Stop, start or change your regular income
Change the funds you have invested in
Transfer your plan to another plan
Change your personal details
It is important that you understand all your options and the effect of any changes you make. If you are thinking of making a change to your Pension Choices Plan then please contact us and we will help arrange this for you.
Here’s some questions that we get asked by customers who have invested in a Pension Choices Plan. If you still have a question that’s not covered or need to make changes, please contact us via the contact options below.
The Key Features document for the Pension Choices Plan is a useful source of information. Other documents which will help are listed below:
Yes, if you are transferring into the Drawdown Option then the minimum transfer is £10,000. For the Personal Pension Option the minimum is £1,000.
The maximum you can transfer in is usually £1,000,000 but in some circumstances we can accept more than this. Please contact us if you are in this situation.
Transferring pensions can be complicated and we recommend you speak to a Financial Adviser if you are unsure.
We think it’s important that you regularly review your investments so that you get the best out of your plan. The level of risks you are comfortable with taking have to be balanced against the potential rewards you want to achieve.
You can normally switch funds at any time and we do not currently charge for this. The funds available are:
- Prudential PruFund 0-30
- Prudential PruFund 10-40
- Prudential PruFund 20-55
- Prudential PruFund 40-80
- LF Prudential Dynamic 0-30
- LF Prudential Dynamic 10-40
- LF Prudential Dynamic 20-55
- LF Prudential Dynamic 40-80
- Prudential Cash
More information on these funds can also be found in the Fund Guide.
If you aren’t sure about what choices to make with your investments then we would encourage you to speak to a Financial adviser.
The charges depend on your chosen fund(s) and are shown in your illustration and annual statements. You can also get information about how much is charged for each fund in the Fund Guide.
The Pension Choices Plan allows you to take one off cash lump sums or a regular income. How you do this depends on whether you are in the Pension Choices Plan Personal Pension or the Pension Choices Plan drawdown.
The Personal Pension option
Take cash lump sums as and when you want to
The first 25% of each lump sum is tax free and the rest is taxed as income
The remainder of your pension savings are left invested in the fund(s) you have chosen
The Drawdown option
- Option to take an initial tax free lump sum of up to 25% of your fund – this must be taken at the start of your plan
- The remainder of your money is invested in the fund(s) you have chosen.
- Any income or cash sums taken from your plan is taxed at your marginal rate.
We will send you a statement annually to let you know how your plan is doing.
Our PruFund range of funds page shows the current Expected Growth Rates (EGRS) – select the Pension Choice Plan from the Dropdown.
Yes you can normally transfer your Pension Choices Plan to another provider at any time. Please contact us to arrange this.
If you want to change any details then please contact us on the contact details below.
Please call or write to us using the contact details below.