A pension is a retirement savings plan that provides a regular income after you’ve stopped working. Money that’s paid in during your working life is invested, to grow over time. When you retire you’ll be able to access the money through regular payments, lump sums or a combination of both.
Things to consider before accessing your pension savings
One of the benefits of your pension is that you can take some of your money as and when you need it or you can set up to take a regular amount, or a bit of both - the choice is yours
This depends mainly on how much money you take out and how your funds are performing. Taking a higher income or a lump sum increases the risk of your fund running out sooner.
It could be that taking money out may affect any other income you get.
Withdrawals may affect the tax you pay. Tax rules can change and the impact of taxation (and any tax relief) depends on your circumstances.
Taking money out of your pension pot sometimes triggers a limit on how much can be paid into it in the future. Find out more about the Money Purchase Annual Allowance
Taking money out could mean certain state benefits that are based on your income or savings could be reduced or stopped. This applies to benefits like Housing Benefit or Income Support. If you have any debts, the creditor may have rights to any cash you take.
Increasing withdrawals means less to leave behind.
- We recommend that you carefully consider your options, including your tax position.
- Please make sure you understand your options and how they might affect your plan.
- Taking money out is a big decision and one that’s best made with an adviser. So we recommend you get financial advice. See ‘Getting financial advice’ for more information about this.
- Remember, the value of your investment can go down as well as up, so you might not get back the amount you put in.
General pension product guidance
Supported Pension products
You can use our Online Service if you have one of the following products:
- Flexible Retirement Plan (with SIPP options)
- Free Standing Additional Voluntary Contributions (FSAVC)
- Prudential Personal Pension
- Prudential Retirement Account
- Retirement Annuity Plan
- Section 32 Pension
Registering is quick and easy
It takes about five minutes. You’ll need your
- policy number (found on any letter we've sent you)
- postcode, and
- date of birth
What you can do online
Once registered, you can start using the service straight away to
- view important information your product
- download your latest annual statement
- view your current pension value
- update your address, and
- update your bank details
Already registered?
Products supported by our Online Service
Register or log in to our Online Service to get a copy of your annual statement and your current pension value.
Products not supported by our Online Service
You can get your latest statement or a valuation by contacting us.
Products supported by our Online Service
Register or log in to our Online Service to send us a secure message with your new bank or building society details.
Final Salary Pension (Defined Benefit)
- Active members: You can get a copy of your latest benefit statement or a pension valuation by contacting us.
- Deferred members of the scheme or a wound up scheme: You won’t get an annual benefit statement.
Products not supported by our Online Service
You can update your bank or building society details by contacting us.
Products supported by our Online Service
Register or log in to our Online Service to update your address details.
Products not supported by our Online Service
You can update your address details by contacting us.
To update your name, please send us a signed letter that includes:
- Your previous and new name
- Your plan number
- One original document as proof of the change:
- Marriage Certificate
- Civil Partnership Certificate
- Decree Absolute
- Final Order
- Deed Poll
We’ll return your original document once we’ve processed the change.
Where to send your letter
Prudential, Lancing, BN15 8GB
We’ll let you know your options six months before your retirement date.
Your financial adviser is best placed to help you understand what retirement options are right for you.
Prudential Retirement Account customers
We’ll let you know your options from when you’re aged 50 until you’ve taken all of your benefits. Your financial adviser is best placed to help you understand what retirement options are right for you.
Our pension products
Getting financial advice
Further support
Need more help? Contact us
If you can’t find what you’re looking for, or need more help, there are a number of ways you can get in touch.
