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Income Choice Annuity

Your Income Choice Annuity gives you a regular income for life. 

How your annuity works

Your Income Choice Annuity is linked to the performance of the Prudential With-Profits Fund, so the amount you receive each year isn’t guaranteed - it could go down as well as up.

We guarantee we'll never pay you less than a certain amount. We call this amount the 'secure level'.

Managing your annuity

On any plan anniversary, you may have the option to 

  • change your annuity income within a set range we provide, or
  • switch to a Guaranteed Pension Annuity (GPA). 

Before you make any changes:

  • Please make sure you understand your options and how they might affect your plan.
  • Check your annual statement. It will confirm if changing your income is available, show the range, and explain how to make the change.
  • We recommend you get financial advice. See ‘Getting financial advice’ for more information about this.

Manage your plan online

The quickest and easiest way to access information about your Prudential product, manage it, or to make changes to certain personal information, is through our Online Service. Registering is quick and easy.

Register for our Online Service

Already registered? Access your product details, update your information and message us directly using our Online Service.

Log in

Things to consider before making any changes

  • You can’t switch back – Your income may be lower or higher after you've switched to a GPA, and you won't be able to switch back.
  • Income range changes yearly – Future limits may be lower than your current income. You don’t have to reduce your income but if you do, then the new limits will apply.
  • Higher income = higher risk – Your income could reduce in the future.
  • Lower income = more growth potential – But total income may be lower over the lifetime of the plan.
  • Secure level stays the same – Guaranteed minimum income is unaffected.
  • Tax and benefits impact – Income changes may affect tax, personal allowance, or entitlement to state benefits.
  • Other considerations – Creditors may claim income if you owe money, and advice fees may change.

About your annuity income

Your annuity income might change depending on 

  • the options you’ve selected
  • the performance of our With-Profits Fund
  • changes to your tax code
  • changes to your gross payment amount (before tax or deductions).
     

You’ll see any income changes in your annual statement.

What happens next?

  • We’ll contact you about seven weeks before your policy anniversary to explain any income changes and your options.
  • We’ll let you know if your net income changes by more than £10.
  • If you want to be automatically updated when your net payments change by £1.00 or more, contact us to opt-in.
  • If you weren’t expecting a change to your annuity income, please contact us.
  • If you weren’t expecting a change to your tax code, please contact HM Revenue & Customs (HMRC)

Further information

  • Smoothed Return Bonus Declaration 

    We’ve declared this year’s Smoothed Return bonuses for the Income Choice Annuity. These bonuses directly affect your income. You’ll see the impact reflected in your annual statement.

Learn more:

Bonus Declaration Flyer – Details the bonuses declared this year.

Smoothed Return Announcement

Next steps

If you have any questions or need any help with your annuity, call us on 0345 640 0000 or +44 118 964 502 if you're calling from abroad. Lines are open Monday to Friday, 08:30 - 18:00, excluding public holidays.

We might record your call for training and quality purposes. To find out more about how we use your personal data please visit my data