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Retirement Annuity Plan

A drawdown pension product, designed to help you save towards your retirement. It's also known as a Section 226 Policy.

Contents

  1. How your drawdown plan works
  2. Managing your drawdown plan
  3. Things to consider before switching the funds you invest in
  4. Getting financial advice
  5. 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
  • stop, increase or reduce your payments
  • pause payments, or
  • change (switch) the funds you’re invested in.

Before making any changes to your plan:
  • Please make sure you understand your options and how they might affect your plan.
  • 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.

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

Nominate a beneficiary

You'll be able to nominate a beneficiary by completing and sending us the beneficiary nomination form. To get a copy of the relevant form, please contact us.

How to manage your pension contributions and top-ups

You may be able to stop, change or top-up your pension contributions, but to confirm you'll need to contact us.

Things to consider before switching the funds you invest in

  • You can switch some or all of your money between funds at any time.
  • There are limits to the number of funds you can invest in.
  • 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
 
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.

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

Call us on 0808 234 2372 or +44 178 644 8844 if you’re calling from abroad, if you’re wanting to

  • top-up
  • stop, increase or reduce your payments
  • pause payments
  • nominate a beneficiary, or
  • change (switch) the funds you’re invested in.

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.