Prudential With-Profits Pension Annuity FAQs

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.

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.

If you weren’t expecting your income to change, it could be due to a change in tax code. If you have any questions about tax, please contact HM Revenue & Customs on 0300 200 3300 (from the UK) or +44 135 535 9022 (if calling from abroad). We might record your call for training and quality purposes. To find out more about how we use your personal data please visit pru.co.uk/mydata. 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.

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 bonus declaration and your chosen Anticipated Bonus Rate.

If you are thinking about changing your ABR on your With-Profits Annuity then please read this information before making a decision.

Change your Anticipated Bonus Rate (ABR) on your With-Profits Pension Annuity.

Depending on when your plan started you may be able to switch to a Prudential Guaranteed Pension Annuity. Once you switch, you can't change back. Your GPA income may be higher or lower than the income you are receiving through the With-Profits Annuity, so you need to think about this carefully.

If this option is available to you it will be shown in your annual statement. You can also refer to your Key Features Document which we would have sent you when you bought the policy and your terms and conditions. If you no longer have a copy of these documents then please contact us.

Your annual statement is issued each year before your policy anniversary.

Our With-Profits Fund performed well in 2019 and that means all of our With-Profits Pension Annuity planholders will receive bonuses that deliver year-on-year increases in income, after allowing for the Anticipated Bonus Rate (ABR).

This year, we’ve also got additional money in the With-Profits Sub Fund to share with our With-Profits Pension Annuity planholders. Because of this, we’ve increased the unsmoothed value of plans by 1.25%. This is reflected in the Additional Bonuses from this year. There’s a chance we might have to take back this extra money. You can find out more details on our website at: pru.co.uk/aboutadditionalsurplus.

In 2020 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

2011

2012

2013

2014

2015

2016

2017

2018

2019

2020

Gross Fund Return in preceding year

12.7%

2.1%

10.5%

10.3%

8.3%

3.6%

14.5%

10.3%

-2.8%

11.5%


Source: Prudential. 'Gross' refers to before tax, charges and the effects of smoothing. Fund returns do not include the additional surplus being shared as part of the PACL Final 2020 Bonus Declaration.

The With-Profits Pension Annuity 2020 Bonus declaration flyer shows the bonuses we have declared this year. The effect this has on your income will be shown in your annual statement.

What you might be looking to do:

If you have a query or question that is not covered in the information provided then please contact us and we will be happy to help. 

Contact us

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.

Call us

0345 640 0000 0345 640 0000

or +44 118 964 5024 if phoning from abroad

Our lines are open 8:30am-6pm, Monday to Friday.

We might record your call for training and quality purposes. To find out more about how we use your personal data please visit pru.co.uk/mydata.

Write to us

Prudential Customer Services
Lancing,
BN15 8GB