Pension Choices Plan

Our Pension Choices Plan is a personal pension that accepts transfers from some existing pension plan(s). You cannot make regular pension contributions directly into this plan.

The plan provides a personal pension option and a flexi-access drawdown option. This  gives you the flexibility and control to access your money. You can choose to take cash lump sums and/or an income as and when you want to.
 

Product features

  • Transfer your existing pension plans.
  • Flexibility and control to access your money.
  • Take cash lump sums and/or an income whenever you want.


Considerations

  • Be a UK resident.
  • Have at least £25,000 pensions savings to transfer.
  • Must be aged between 55 & 75 for the personal pension option and between 55 & 89 for the drawdown option.
  • Your money will be invested in a fund or funds that you choose. You will need to be comfortable selecting these funds and keeping them under review.
  • If investment returns are low and/or you take out too much money, you may run out and need to rely on other income. You may also not get back what you put in.
  • Tax will depend on your individual circumstances and is subject to change in the future.

 

For more information on the Pension Choices Plan and the funds available, please read the material in the Product documents section.

We recommend you use Pension Wise, a service from the government, which offers free and impartial pension guidance. Alternatively, you may wish to seek financial advice.

 

Next steps

You can set up a new Pension Choices Plan by transferring your existing pension savings directly through our UK-based team of Retirement Consultants, who can talk over your options without providing advice. They can also answer any questions you might have and walk you through the next steps. Please see the ‘contact us’ information below.

Contact us

Talk to us about your options

If you're new to Prudential and looking to set up your product without needing to speak to a financial adviser, you can call our team on the number below.

0800 640 9105

9am - 6pm, Monday to Friday

Existing Prudential customers

If you already have a product with Prudential and looking to set up this product without needing to speak to a financial adviser, you can call our team on the number below.

0800 640 9106

9am - 6pm, Monday to Friday

0800 and 0808 calls are free from BT landlines and can vary from other providers.

A pension scheme provided (sponsored) by an employer for its employees. Company pension schemes can be defined benefit schemes (final salary schemes) or defined contribution schemes (money purchase schemes).

The rate of increase in the price of commodity products over time as recorded in an index such as the Retail Prices Index (RPI). This can affect the buying power of investments when cashed in at a future date.

This is your share of the overall profits of our With-Profits Fund which we announce each year in relation to an Income Choice Annuity.

Essentially a fund made up of shares, property, cash and fixed interest securities, which usually carries a medium risk.

The products that use with-profits are typically regular and single premium savings plans and pensions. With-profits funds pool policyholders' investments, and customers share in the company's investment returns and other profits. These returns are smoothed to help reduce the volatility associated with direct equity investments.

A company pension scheme where the contributions made by the employer and employee are set and the final pension an employee receives depends on a number of factors including the size of their fund on retirement. This final fund is then used to buy an annuity or an unsecured pension (income drawdown). These are also referred to as money purchase schemes.

A company pension scheme where the pension an employee receives is linked to their length of scheme service and size of their salary as defined in the scheme rules. They are often referred to as final salary schemes.

A company pension scheme where the final pension an employee receives is linked to the size of their final salary and the number of years they have been a member of the scheme. They are also referred to as defined benefit pension schemes.

Defined as cash and near cash such as bank deposits,certificates of deposits,fixed interest securities or floating rate notes, with, where applicable,a maturity date of under a year.

Important information

We are not recommending one product over another. We recommend you seek financial advice if you're unsure about what product could be right for you.

The information above is based on our understanding of current taxation, legislation and HM Revenue & Customs practice, all of which is liable to change without notice. For more information please visit www.hmrc.co.uk.

Pension Wise

We recommend that you use Pension Wise, a government service offering free and impartial guidance to those aged 50 or over.  Find out how to access this by visiting www.pensionwise.gov.uk or call  0300 330 1001 to book an appointment.  This service is available on the internet, over the telephone or face to face at a Citizens Advice branch.

You may also like to contact a financial adviser.