Retirement Annuity Plan
Your Retirement Annuity Plan, also known as a Retirement Annuity Contract or a Section 226 Policy, is a pension that was set up before 1 July 1988.
You can still top up your plan however - and with average life expectancy increasing, this is a great way to help build up a larger fund for when you retire. Read about the benefits of topping up.
Read about the features of your Retirement Annuity Plan
Although there are some differences compared to today's personal pensions, Retirement Annuity Plans essentially have similar benefits.
- Tax-efficient saving* - a Retirement Annuity Plan qualifies for tax relief, just like other pension plans, and you can take a tax-free cash lump sum on retirement. Read more about the tax benefits. Note that pensions in payment are taxed as earned income.
- Flexibility - make regular monthly or yearly payments, or a single payment. Note that any changes to your contributions will impact on your benefits at retirement.
- Range of funds - Your pension contributions can be invested in a choice of funds. The funds you can choose from may vary depending on what funds are actually available at the time. Note that the value of your fund may fluctuate and you may not get back your original investment.
Review your Retirement Annuity Plan
By accessing MyPru, our secure online portal, you may be able to manage your enquiry yourself or alternatively send us a secure email to deal with your product query.
Within MyPru you can check the value of your policy, 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, remember to have your policy number to hand - register for MyPru.
Alternatively you can call us on 0345 640 3000 (Mon-Fri 8am-6pm). Calls may be recorded for security and quality purposes.
*The above is based on our understanding, of current taxation, legislation and HM Revenue & Customs practice, all of which are liable to change without notice. The impact of taxation (and any tax relief) depends on individual circumstances.