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

  • Transfer in more money to your plan 

It is important that you understand all your options and the effect of any changes you make. If you're thinking of making changes to your plan it's really important you understand all your options and any effect the changes may have on your circumstances. Whilst the Pension Choices Plan is a non-advised product, we still recommend you speak to a financial adviser. They'll 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 out your plan. They'll be responsible for the advice they give and you'll also have more protection from the Financial Ombudsman Service.

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

Here's some questions that we get asked by customers who have invested in a Pension Choice 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: 

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.

What to do now

If you're considering changing the amount you take from your plan or taking a lump sum, we're here to help. If you're unsure what the best option is for you, speak with your financial adviser. 

Want to take money out

Use our calculator to see how taking money out of your pot can impact how long your money might last. 

If you need help

We can answer any questions you have, but we can't give financial advice

0345 640 1000

We're here 8am - 6pm Monday - Friday.

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