Prudential Retirement Account
Thank you for choosing Prudential and our Retirement Account. We’ve been helping people plan for their futures since 1848 and appreciate you placing your trust in us.
Our Retirement Account is a flexible Personal Pension. It offers a wide range of investment options. It allows you to make contributions, invest, and transfer money in from other pensions. This includes those already in drawdown which will provide you with the flexibility to manage your money and your financial needs throughout your retirement.
Changes to signature requirement
Due to the current government advice on social distancing, we’re making temporary changes to our signature requirements on certain transactions.
Normally, as part of the terms and conditions of your plan, we’d ask for your signature for some transactions. However, with the current restrictions in mind, we’re waiving this requirement to help make it easier for you during these times.
For example, we’ll no longer require your signature for certain transactions, including top-ups. This means your adviser can make changes to your plan, with your consent, by submitting a declaration to us.
As always, you’ll receive a welcome pack confirming all the details, including any adviser charges. It’s important you read this.
If you have questions about the contents of the welcome pack, please contact your financial adviser.
What you may be looking to do:
- Take one off cash lump sums
- Take a regular income
- Cash in your whole pension pot
- Change the funds you have invested in
- Transfer your plan to another plan
- Change your personal details
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. So, 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.
Regardless of whether you have 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.
Here's some questions that we get asked by customer who have invested in a Prudential Retirement Account. If you still have a question that's not covered or need to make changes, please contact us using the contact options below.
The Key Features document for the Retirement Account is a useful source of information. Other documents which will help are listed below:
Yes. You may benefit from transferring other pensions and combining them into one place depending on your circumstances. Prior to transferring please speak to your previous scheme provider.
- You may have valuable guarantees you'd lose if you transfer your pension. These guarantees would be lost on transfer without the ability for this to be reversed.
- You may have to pay transfer costs or charges on your existing pension.
- Charges may be more or less which would affect the value of your pension and amount transferable.
You should also consider speaking to a financial adviser before you make a decision.
Shop around before you decide what to do. The retirement options you get from your pension provider might not be the best for you. It’s always worth comparing what you can get from other providers too, because you might be able to get a better deal.
We think it’s important that you regularly review your investments so that you get the best out of your pension. The level of risks you are comfortable with taking have to be balanced against the potential rewards you want to achieve.
You can switch funds at any time. There is currently no charge in place to do this. The funds available are listed in the PruFunds Fund Guide. There's more information about how the PruFund Funds work in Your With-Profits Plan - a guide to how we manage the Fund. Please refer to the "Where can I get more information on my product?" above.
If you aren't sure about what choices to make with your investments then we would encourage you to speak to a Financial adviser.
If we receive interest on the amount in your cash account, we will normally add the interest paid by the bank to your cash account monthly in arrears on the 10th of each month. The current rate of interest for the scheme bank is 0.07% below the Bank of England Base Rate. If your Retirement Account is closed, the last interest payment we may add to your cash account would be for the last full month the Retirement Account was open; we would not make partial interest payments to cover any later period.
You can put your money in other types of external investments, for example direct share holdings, investment trusts and other exchange traded investments. To do this you will need to enter into an agreement with a company called Stocktrade. If you invest in funds through Stocktrade, they will charge an account fee and an amount for each transaction. Your adviser will be able to give you more details on this or you can contact Stocktrade.
Your adviser can explain the fund options to you and what to consider. The value of your investment can go down as well as up and you may not get back the amount you originally invested.
Your personal illustration shows what charges and costs you will pay. These also can vary in the future and be higher than they were when you first opened your policy.
Product charges are applied to your Retirement Account and also, depending on your chosen fund(s) charges may differ. You can get information about how much is charged for each fund in the Fund Guide.
It is important to be aware of the charging implications on your policy and how this affects your investment. Please also check with your financial adviser for any deductions for administration or advice costs applicable.
Please refer to your Key Features Document for full details on what will be applied to your policy, also your annual statement.
As long as you keep your money in your pension, it’ll still be invested. Like any investment, your pension could grow, but the value could also go down.
With the Retirement Account, you have the choice to take your pension as a flexible income. How long your income lasts depends on a number of things. How much you pay in, withdraw and how your funds perform are the main ones. There is a risk if you withdraw too much, you may not have enough left to support you and your loved ones throughout your retirement. You may also want to leave money for your loved ones, which you should factor in when working out your income.
If you’re thinking of taking cash lump sums or regular income from your plan we think it’s really important that you speak to a financial adviser. If you have a financial adviser, they will help work out an income that is suitable for your needs and lasts as long as you need it to. If you don’t have a financial adviser, you can find one on unbiased.co.uk
Some things to think about:
- When you start to take flexible income from your pension pot, the amount of future pension contributions that you can pay without a tax charge could be less.
- Each time you buy a flexible income or a guaranteed income you are usually entitled to 25% tax free.
- When we pay your first flexible income payment we have to use an emergency tax rate. It means you could end up paying too much tax, and you’ll need to claim it back from HM Revenue & Customs.
- Your flexible income payments count as income for that tax year, on top of things like salary, state benefits and pensions. So you could end up paying a higher rate of tax.
- You’ll need to review your choice over time, and possibly make changes, to ensure this remains the right option for you.
- You could lose some or all of your state benefits. Take a look at gov.uk/browse/benefits to find out more.
We will send you a statement annually to let you know how your pension is doing. You can also view your annual statement on-line using MyPru. If you have not registered for MyPru, registration only takes a few minutes. Remember to have your policy number to hand - Online Services
Our PruFund range of funds page shows the current Expected Growth Rates (EGRs) – select the Retirement Account from the drawdown.
Yes, you’re allowed to do this at any time. You should regularly review your pension arrangements to make sure they are still the most suitable for your circumstances. If you need advice on this please contact us. Alternatively speak to your adviser. They can inform you of any risks or implications this may have on your investment.
If you want to change your bank details then please contact us using the details below. You can check the value of your policy, change your address and view key documents on-line within Online Services.
Please call or write to us using the contact details below.
Monday to Friday 8:30am-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.
If you've not already registered, join those already checking in on their Retirement Account online. Its quick and easy to register.