Self-Invested Personal Pension
Your Self-Invested Personal Pension (SIPP) allows you access to a choice of investments when it comes to saving for your retirement. Prudential's SIPP is available through the Self Invested Fund option on the Flexible Retirement Plan.
The Flexible Retirement Plan closed to new customers on 17 September 2018 but if you're an existing customer you're still able to make changes to your plan.
What you might be looking to do:
- Change the funds your plan's invested in.
- Change the amount of money you pay into your plan.
- Stop paying money into your plan.
- Move your money to a different plan.
- Take the money you've saved from your plan.
If you’re considering any of these, please look at the links at the bottom of this page.
Read about the features of your Self-Invested Personal Pension
- You can make flexible payments - once you've started your SIPP with a minimum £10,000 payment, you (or your employer) can make further contributions as and when you wish, so long as they are a minimum of £200. Note that any changes to your contributions will impact on your benefits at retirement.
- Flexible charging structure - you pay depending on the range of funds you want to access. Bear in mind charges may vary in future.
- Possible range of funds - your pension contributions may 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 the value of your investment can go down as well as up and you may not get back what you put in. Read our FRP Fund Guide for more information on the funds offered under the plan.
- Tax relief* - for every £80 you invest in your pension, the government will pay a further £20. If you earn above the basic rate of tax, you can claim additional tax relief through your tax self-assessment form.
- Flexible income or cash (also known as drawdown) - this allows you to draw an income direct from your pension fund until you are ready to buy your pension annuity.
Review your SIPP
For more information about making changes to your plan:
Please speak to your financial adviser
To update your name or address details:
Call us on 0345 640 2000 (Monday to Friday 8am to 6pm), calls may be recorded for security and quality purposes.
You can also send us a secure message online anytime
Or write to us at Customer Service Centre, Prudential, Lancing, BN15 8GB
To read more about your plan:
- FRP/SIPP Key Features
- For more general information, see our pensions and retirement section
- Flexible Retirement Plan (Personal Pension and Income Drawdown with SIPP Options) & Flexible Investment Plan - long fund guide
*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).