Prudential Income Choice Annuity
Thanks for choosing us to provide your annuity - you're alongside more than one million people around the UK who also have their annuity with us.
What you may be looking to do:
- Change your income
- Find out more about your Income Choice Annuity
- Change your personal details
- Notify us of a death
If you have a query or question that's not covered in the information below then please contact us and we'll be happy to help.
If you're thinking about changing your income on your Income Choice Annuity then please read this information before making any income change decision.
When you set up the plan we sent you a Key Features Document along with your terms and conditions. These are a good source of information. If you can't find these documents then please call us and we can send out a duplicate copy to you.
You can also find information on how we manage the With-Profits Fund and how this is linked your annuity by reading Prudential's Principles and Practices of Financial Management and Your With-Profits Plan – a guide to how we manage the Fund.
The Income Choice Annuity Smoothed Return flyer shows the Smoothed Returns we've announced this year (along with the Smoothed Returns announced in previous years). The effect this has on your income will be shown in your annual statement.
2018 was a difficult year for financial markets, which experienced lots of ups and downs. These impacted our With-Profits Fund because it invests globally in many different investments. Despite this we’ve been able to provide some protection to our customers from the extremes of market volatility through the smoothed returns that we’ve announced at the 2019 declaration.
We’ll continue to manage the Fund prudently. We’ll aim to secure the highest total return for the Fund (after any tax and investment expenses) while maintaining an acceptable level of risk and protecting our planholders. We’ll also continue to smooth some of the extreme highs and lows of investment performance.
The table below shows our With-Profits Fund returns for this year and over the last 10 years.
|Bonus Declaration Year||2010||2011||2012||2013||2014||2015||2016||2017||2018||2019|
|Gross Fund Return in preceding year||18.8%||12.7%||2.1%||10.5%||10.3%||8.3%||3.6%||14.5%||10.3%||-2.8%|
Source: Prudential. 'Gross' refers to before tax, charges and the effects of smoothing.
More information can be found in the asset mix below.
We review your income each year and any change to your income will be made on your plan anniversary. Any income change will be dependent on the most recent Smoothed Returns we have declared and your chosen Required Smoothed Return. Full details are in your annual statement that's issued approximately 7 weeks before your plan anniversary.
Your annual statement is issued each year, approximately 7 weeks before your plan anniversary. This will show the details of any income changes as a result of the most recent Smoothed Return announcements. It will also show you your income range and information regarding switching to a Prudential Guaranteed Pension Annuity if these options are available to you.
If your annuity income is due to change, we'll notify you in advance of this happening (approximately seven weeks before your plan anniversary). If you've not received your annuity statement or weren't expecting any change in income, please contact us.
This may be a result of a change in tax code or in gross payment amount. If you have any questions about tax, please contact HM Revenue & Customs on 0300 200 3300.
We will only write to let you know if the payment amount changes by more than £10.00. Please note that you may receive a notification letter before your payment date.
If your payment is due on a non-working day or bank holiday, we will pay this on the first available working day before the due date. We suggest you also contact your bank directly for clarification that there is not a delay when they are processing this payment.
If you have any more questions, please get in contact with us.
Yes - you can switch your Income Choice Annuity to a Prudential Guaranteed Pension Annuity (GPA) on any policy anniversary. Once you switch, you can't change back. Your Prudential GPA income may be higher or lower than the income you are receiving through the Income Choice Annuity, so you need to think about this carefully.
No. The Government has announced that they've cancelled their plans to allow people to sell their annuities.
This was due to start from April 2017. You can read more on gov.uk.
If you have an annuity with us, we’ll continue to pay your income as normal.
If your bank/building society details have changed you can update these yourself by accessing MyPru. If you have not yet registered for MyPru registration only takes a few minutes, remember to have your annuity reference number to hand - register for MyPru.
Or you can get in touch with us using any of the contact options shown below. We'll also let you know if we need you to complete any additional forms in order to update our records.
Your income can be paid to you in two ways:
- directly into a UK based bank or building society account that’s in your name (either solely or jointly).
- into an overseas account that’s in your name. We can pay you in Sterling and in foreign currencies to overseas banks. This option covers the EU as well as many other countries worldwide. Please note: changes in the rates of exchange between currencies can cause your income to go down or up. Your bank may also charge if we pay you this way.
If your bank/building society or address details have changed, you can get in touch with us using any of the contact options shown below. We'll also let you know if we need you to complete any additional forms in order to update our records.
If your personal details have changed you can update this yourself by accessing MyPru. If you have not yet registered for MyPru registration only takes a few minutes, remember to have your annuity reference number to hand - register for MyPru.
Or you can get in touch with us using any of the contact options shown below.
If you're looking to change your name or marital status you'll need to write to us with the following:
- Your annuity reference 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).
Prudential Customer Services
No - you don't need to do anything. HM Revenue & Customs will notify us of the change when they issue the new code to you.
Yes - get in touch with us using any of the contact options on our contact us page and we'll send you a letter containing all of the information on your P60.
Or we'll send you your end of year tax certificate by 31 May each year, in line with HM Revenue & Customs requirements.
If you need to notify us of a bereavement, please get in touch with us using any of the contact options on our contact us page.
We'll ask for several pieces of information, which will help establish if any further benefits are due. Please have the following information to hand when you call us:
- The deceased's full name, date of birth and address.
- The deceased's exact date of death.
- If available, the deceased's annuity reference number(s).
- Your full name, date of birth, address & your relationship to the deceased.*
- If applicable (and if different from above), the spouse/civil partner/partner's full name, date of birth, address, national insurance number and bank details (sorting code & account number).
* If you’re the executor/ personal representative of the estate, we’ll need you to confirm the information above.
If you’re not the legal spouse/civil partner/partner of the deceased and they have left one, we’ll need authority from the legal spouse/civil partner/partner, for you to be able to represent them. If the spouse/civil partner/partner is with you when you call us, we can talk to them very briefly to confirm they are happy with you representing them.
What happens next
Once we have all this information, we may ask you to send us the original Death Certificate (not a copy), which will be returned to you straight away (see address below). We will then process the Bereavement and will contact you regarding the annuity/annuities.
Death Notifications and Written Authorities can be sent to us at:
How to get in touch with us
We recommend that you contact your adviser in the first instance. If you don't have one, please contact us. You will need your annuity reference number to hand when contacting us.
By accessing MyPru, our secure online portal, you may be able to manage your product enquiry yourself or alternatively send us a secure email to deal with your product query.
Within MyPru you can change bank details, change personal details, view key documents online and send us secure messages.
If you have not yet registered for MyPru registration only takes a few minutes - register for MyPru.
or +44 118 964 5024 if phoning from abroad
Our lines are open 8:30am-6pm, Monday to Friday.
Calls may be recorded for security and quality purposes.
Write to us
Prudential Customer Services