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 that offers you a wide range of investment options. It allows you to make contributions, invest, and transfer money in from other pensions including those already in drawdown 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
- 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
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 Retirement Account then please contact us and we will help arrange this for you.
Here's some questions that we get asked by customers who have a Retirement Account. 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 Retirement Account is a useful source of information. Other documents which will help are listed below:
- Fund Guide
- Terms and Conditions
- Taking Your Pension Benefits
- Guarantees available on PruFund investments
- Your With-Profits Plan - a guide to how we manage the Fund (PruFund (Pricing Series E) range of funds)
- Your With-Profits Plan - a guide to how we manage the Fund (PruFund (Pricing Series D) range of funds)
- Tax Information
Yes. Transferring pensions is an important decision as you may be giving up rights with your existing pension scheme. You should speak to your financial adviser.
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 and we do not currently charge for this. The funds available are listed in the PruFunds Fund Guide. 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.
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.
For even wider investment choice we also offer you direct access to stock exchange investment options through Stocktrade who are stockbrokers that will buy and sell investments on your behalf. These investments include UK stocks and shares, investment trusts and exchange traded.
If you choose to invest through Stocktrade, then the following charges will apply:
|Trading||Min. Fee||Fee %||Max. Fee|
|Offline Trading||An additional charge of £30 per trade will be applied where a trade is requested offline (phone, email, fax).|
Nominee charges of £20 per quarter (payable January, April, July and October) will also apply. There is no charge for transfer in of UK stocks, but a £15 stock transfer out charge will apply. More detailed information can be found in our charges leaflet.
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.
The charges depend on your chosen funds(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 Retirement Account allows you to take one off cash lump sums or a regular income.
- 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 funds you have chosen
If you're thinking of making changes to your plan, including adding or taking out money, it's really important you speak to a financial adviser. They can 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 your plan out. They'll be responsible for the advice they give and you'll also have protection from the Financial Ombudsman Service.
Regardless of whether you’ve 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.
We will send you a statement annually to let you know how your pension is doing.
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 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.