Prudential launches new Retirement Account

19 September 2016

  • Single ‘one account’ retirement planning solution for pension customers
  • Full flexibility matches flexibilities available under pension freedoms
  • Guarantees: Provides a minimum income guarantee and the option to protect initial capital
  • Product will be sold by financial advisers nationwide

Prudential is to launch a brand new and innovative Retirement Account on 26 September 2016 that provides customers with the flexibility to: save for their retirement; provide an income in retirement; and the facility to access their fund as they save, all within an ‘account’ based retirement plan.

Two core elements with built-in flexibility:

The new personal pension and income drawdown plan – The Prudential Retirement Account – will be sold on an advised basis. It has been designed to offer advisers and their clients a range of retirement planning options which are in line with the flexibilities introduced by the pension freedom reforms.

The Prudential Retirement Account contains two core elements within a single customer proposition – a Pension Savings Account, designed to build-up a pension fund and a Pension Income Account, designed to facilitate withdrawals at any time from age 55. Prudential’s Retirement Account facilitates contributions from individuals, employers and third-parties and includes the option to simultaneously ‘save’ and ‘withdraw’ money from the pension, without having to cash-in or cancel the whole account.

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Darragh Leeson

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