Contents
Managing your pension plan
Before making any changes to your plan:
- Please make sure you understand your options and how they might affect your plan, because once you’ve told us what you’ve decided to do, you may not be able to change your mind.
- Check your annual statement for details of the charges that apply to your pension 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.
Your retirement options
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.
Nominate a beneficiary
You'll be able to nominate a beneficiary by completing and posting us the beneficiary nomination form. Log in to our Online Service to complete the form, or contact us to get a copy.
How to manage your pension contributions and top-ups
You may be able to stop, pause, change or top-up your pension contributions, but to confirm you'll need to contact us.
Understanding your options
You have the option of investing in
- the PruFund range
- a wide range of Open Ended Investment Company (OEICs) funds
- other types of external investments – such as direct share holdings, investment trusts and other exchange traded investments. To do this you will need to enter into an agreement with a company called Stocktrade.
- You won’t be charged for changes to PruFund funds or OEIC's.
- If you're invested in external funds through Stocktrade you may be charged an amount for each transaction.
- To see the charges that apply to your plan
Check your annual statement and Key Features Document - To see the funds you’re invested in
Check your annual statement online - To see the range of funds available to invest in
See your Fund Guide, Key Investor Information Documents (KIID) and Fund Prospectuses.
You’ll need to select "Documents" in order to view the KIID. The fund Prospectus can be found on the relevant fund managers website.
- For more information about how we manage the Fund
Take a look at the following With-Profits plan guides:
- PruFund (Pricing Series E) ranges of funds, and
- PruFund (Pricing Series D) ranges of funds.
Transfer-in
- You're able to transfer pensions from other providers into this pension.
- Please speak to the provider of your other pension before you do this.
- We can only accept transfers from another pension scheme if you have received a recommendation from your adviser to proceed with the transfer.
Transfer-out
- You’ll have to transfer your whole fund.
- All future benefits will come from your new plan.
Things to consider
There’s no guarantee that one investment will perform any better than another. So in making your decision, you should consider the following.
Your personal investment profile
- Your comfort with balancing investment risk and reward.
- Your level of investment knowledge.
- How long you plan to stay invested.
Fund-specific considerations
- There may be a charge to switch between investments.
- Switching out of some funds may restrict where you can reinvest.
- Switching out of the With-Profits Fund could result in a Market Value Reduction (MVR) reducing the amount switched out.
- Charges may differ between funds.
- You may lose any guarantees, benefits and options on your existing investments.
Timing and processing
- In some circumstances your switch instruction could be delayed. We’ll let you know if this applies.
- Exit charges – May apply for leaving your plan.
- 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 make changes to your plan, or discuss your options, 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 may record your call for training and quality purposes. To learn how we use your personal data, visit the My Data page.
