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If you have a pension with Prudential, you’ll start to receive information packs from us as you get close to your 50th birthday, then every 5 years after until you reach your Selected Retirement Date. These will be issued around 4-10 weeks before each age milestone.
You’ll also receive a pack just before your chosen retirement age, whenever you request a quote or anytime you choose to take money out of your pension.
Age 50
Receive information letter
Age 55 (and every 5 years thereafter)
Receive first Options Pack
4 - 6 months before Selected Retirement Date
Receive Options Pack based on Selected Retirement Date
6 weeks before Selected Retirement Date
Receive reminder pack
Age 75
Receive retirement options letter and reminder
Quote / Retirement Options Pack
(available on request from age 55)
Just because you can access your savings from age 55, doesn’t mean you need to, but you should consider the options available to you and what suits your individual needs.
The age you can access your pension pot is to increase to age 57 from 2028, and will affect anyone aged 47 and under.
Important things to think about when considering your options
Choosing what to do with your pension is a big decision and we always recommend speaking to a financial adviser before deciding what’s right for you.
We recommend you use Pension Wise, a free impartial guidance service offered by the Government to help you understand your options at retirement. You can find out more at pensionwise.gov.uk/shop-around or call 0800 280 8880 to book a telephone or face to face appointment.
For more information about your choices for accessing your pension please see our section on your options at retirement.
Calculators and tools to help you plan
We have a number of useful calculators and tools to help you understand how the different options could impact your retirement income, how long your money could last and how tax might affect your income.
Need more help?
Find an independent financial adviser in your area to help you in your future pension planning.
Visit
www.unbiased.co.uk
and enter your postcode.
We recommend you use Pension Wise, a free impartial guidance service from the government to help you understand your options at retirement.
Visit pensionwise.gov.uk or call 0300 330 1001 to book a phone or face-to-face appointment.
Visit hmrc.gov.uk to find out more information on tax rules and legislation which may affect you and your pension plans.