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Pension Choices Plan

A drawdown pension plan that aims to provide you with greater flexibility and choice when it comes to accessing your pension funds in retirement. Although this plan is closed to new customers, we still service existing customers.

Contents

  1. How your drawdown plan works
  2. Managing your drawdown plan
  3. Understanding your options
  4. Things to consider before transferring your drawdown plan
  5. Getting financial advice
  6. Next steps

How your drawdown plan works

A drawdown plan is designed to give you flexible access to your pension pot and control over where your money is invested. You can choose how much money to take out and when, subject to any limit that might apply.

Managing your drawdown plan

We can help, whether you’re looking to

  • top-up your pension
  • select your investment option
  • change your investment option
  • change (switch) the funds you invest in, or
  • transfer your pension to another drawdown plan.
     
Before making any changes to your plan:
  • Please make sure you understand your options and how they might affect your plan.
  • 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.

Understanding your options

You may be able to top up your pension, but to confirm you'll need to contact us.

We recommend you get financial advice to help you make decisions about your pension savings and your retirement options. If you don't have a financial adviser, you can find one at unbiased.co.uk

  • You’ll have to transfer your whole fund.
  • All future benefits will come from your new plan.
     

  • Choose where to invest – Select funds that match your goals and risk appetite.
  • Update anytime – Change your investment choices at any time.
  • No switching fees – you won’t be charged for switching funds

You can invest your money in at least one of the nine investment funds available.

    When you’re in Drawdown, you also have the option to invest in one of four Investment Pathways.

    • Pathway 1 – If you have no plans to touch your money in the next 5 years 
    • Pathway 2 – If you plan to use your money to set up a guaranteed income (annuity) within the next 5 years 
    • Pathway 3 – If you plan to start taking your money as a long term income within the next 5 years 
    • Pathway 4 – If you plan to take out all your money within the next 5 years
    Fund information

    To see the funds you're invested in

    Check your annual statement.

    To see the range of funds available

    Check your Fund Guide

    To see how PruFund works

    Read Your With-Profits Plan - a guide to how we manage the Fund

    To see the charges that apply to your plan

    Check your Fund Guide

    Things to consider before transferring your drawdown plan

    • Exit charges – Leaving your current plan may incur an exit fee.
    • Loss of guarantees and benefits – Any guarantees, benefits and options under your existing plan will be lost, affecting future income you receive.
    • No performance guarantee – There’s no guarantee a new plan will perform better than your current plan.
    • Charges – Charges applied to your plan may be higher or lower than what you pay now.
    • With-Profits Fund impact – Transferring out of the With-Profits Fund could result in a Market Value Reduction (MVR), reducing your plan’s value.
    • Possible growth loss – Transfers take time, and your money won’t be invested during the process.
    • Tax implications – Transferring to another plan may trigger the Money Purchase Annual Allowance.

     

    Getting financial advice

    If you’re making an important financial decision, or thinking about your longer term financial health, then we recommend you get financial advice. 

    • You should speak to your financial adviser if you have one.
    • If you don’t have an adviser, you can search for an independent financial adviser by visiting unbiased.co.uk or by calling them on 0800 023 6868.
    • You could speak to M&G Advice. Whether it's about financial planning, accessing your pension, making sure you get the most from your tax allowances or protecting your loved ones; whatever your financial goals – we can help.

    Next steps

    To transfer, call us on 0808 234 2372 or +44 178 644 8844 if you’re calling from abroad. Please make sure you have your plan number to hand when you call.

    Lines are open Monday to Friday, 08:00 – 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 the My Data page.

    Contact us if you’d like to

    • top-up your pension
    • view your latest statement or get a pension valuation
    • update your bank or building society details
    • change you address details
    • stop, pause or reduce payments into your pension, or
    • nominate a beneficiary.