Yes, you can transfer other pensions into your Retirement Account, even if they’re paying you an income. It’s important to consider whether this is the right decision for you, and be aware of the associated risks.

Some of the risks are:

• There may be a penalty to move from your existing scheme.
• You may have valuable guarantees on your plan that you might lose if you transfer.
• The value of your investment can go down as well as up so you might get back less than you put in.

Please read the Key Features of the Prudential Retirement Account for more information. There may be options available with your existing plan that might equally meet your needs so you should speak to a financial adviser before you make a decision.

While saving for your retirement, your contributions will be held in a part of the Retirement Account which we call the Pension Savings Account.

The Pension Savings Account takes regular monthly or annual contributions, from employers or anyone else.

Contributions into your Pension Savings Account go into a 'Cash Account' before being invested.

If we receive interest on the amount in your Cash Account, we’ll normally add the interest monthly in arrears at a rate of 0.07%, below the Bank of England base rate.

Adviser and non-PruFund product charges are also paid from the Cash Account.

Yes, you can stop, start, increase or decrease your contributions to suit your needs.

You can opt for your regular payments to automatically increase each year. The rate of increase will be in line with the consumer price index or a fixed rate of your choice.

For single contributions and transfers, we’ll process your investment instruction within three business days of the date we have received the money and all the documentation we need.

For regular contributions, we’ll process your investment instruction within six business days of receiving the Direct Debit instruction and all other required documentation (to allow time for funds to clear through the banking system).

If you have a defined contribution scheme (where you and/or your employer make regular contributions), taking money out of your pension pot sometimes triggers a limit on how much can be paid into it in the future. This is called the Money Purchase Annual Allowance (MPAA).

The key to successful investing is to find the correct balance between potential reward and the level of investment risk you’re comfortable with.

Although money may be more secure in a lower-risk investment, it’s also unlikely to grow significantly. Whereas investing in a higher-risk investment, means the potential rewards may be greater but so is the potential for loss.

There is a link between the amount of risk an investor is prepared to take, and the potential rewards they seek to gain.

We recommend you speak to your financial adviser before making any decisions.

We offer access to the PruFund range of funds and hundreds of collective funds from a wide variety of fund management groups to suit your investment style and appetite for risk.

If you have money in the Pension Income Account part of your Retirement Account, you may be able to invest some of that money in the Prudential Guaranteed Income Plan, however you’ll need a financial adviser to do so.

The Guaranteed Income Plan allows money to be invested for a fixed term to provide some certainty and security over that period. This plan can provide a guaranteed income throughout the fixed term and/or a guaranteed lump sum at the end of the fixed term. You can find more information in the Key Features of the Prudential Retirement Account

From time to time, changes can occur on funds you invest in – for example, fund mergers or changes in objectives. These are called ‘fund events’. If there are any material changes to funds, we’ll contact you.

You’ll be able to access your pension once you turn 55 (57 from 6 April 2028, unless you have a protected pension age). We’ll provide you with important information about your pension before your selected retirement date, including:

• How common life circumstances, including divorce and ill health, can affect how you take money from your pension pot.
• A comparison of the tax you may have to pay on the different ways of taking money from your pension pot - your financial adviser can tell you more.
• Potential areas where it's important for you to speak to your financial adviser before you do anything, using tools developed specifically for Retirement Account holders.

You’ll be able to:

• Find out if you can take up to 25% as a tax-free lump sum, but you need to do this at the start. The remainder is taxed along with any other income you might have.
• Take a single lump sum or series of small lump sums from the Pension Savings Account without the need to transfer into a drawdown product. The first 25% of your lump sum, whether a single lump sum or a series of smaller ones, is usually tax free, the remainder is taxed along with any other income you might have.
• Choose a flexible regular income if you move your pension pot to the Pension Income Account. Here you can set a regular income and keep the option to take lump sums as and when you need.

If you’re a UK resident and you’ve registered for the Online Service you’ll be able to use our guided cash out service. It explains the choices available to you when it comes to taking money out of your account. You’ll be able to download your documents instead of waiting for the post. You’ll get guidance on things you should consider and we’ll let you know how accessing your pension pot could impact your finances now and in the future.

It’s important to remember: if you take out too much money, you may run out and need to rely on other income and you will still have to pay charges on the money left invested. Charges for managing the plan will continue to be taken if you stop making payments in.

We recommend you speak to your financial adviser before making any decisions, some of which are irreversible.

You might be able to take your benefits earlier than age 55 if you're in ill health.

Regardless of your age, if you have a life expectancy of less than one year due to ill health, you may be able to take your pension pot tax-free. 

For more information, please contact us.

• There’s a limit to the amount you can contribute to your pension and still receive tax relief. Apply for a Transitional Tax-Free Amount Certificate.
• Transfers and contributions from your employer don’t qualify for tax relief.
• Taking a single lump sum or income could impact the tax bracket you are in, meaning you might pay more tax than you expected.
• If you decide to move your pension pot into the Pension Income Account, you can usually take up to 25% of your pension pot as a tax-free cash lump sum. But you need to do this at the start.
• If you choose to take your pension benefits directly from the Pension Savings Account the first 25% of the pension pot will usually be tax-free, the rest will be taxed along with any other income you may have.

If you opt not to take the whole tax-free lump sum at the start, you can take smaller cash lump sums while the remainder stays invested. With each withdrawal, the first 25% will normally be tax-free and the rest may be subject to Income Tax.

Either way, any money you take above the tax-free amount will be added to your income for the year and taxed at the appropriate rate.

For example, if you take it as flexible income (drawdown):

Take it as cash in stages from the Pension Savings Account

These examples are based on a 20% tax-rate and a Personal Allowance of £12,570 for 2026/2027. No other income is taken into consideration. When added to other income for the year, the amount of tax to pay could be at a higher rate.

The investment growth on the amount left invested when taking it in stages is calculated at 3% per year and this is not guaranteed. It does not include charges which may apply.

This is not an indication of what you may get in the future and is not guaranteed.

The actual amount you receive and the amount of tax you may need to pay will depend on the option you choose and your individual circumstances.