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Flexible pension access in retirement

Prudential Retirement Plan

What is a drawdown product?

A drawdown product is a type of pension plan that aims to provide greater flexibility and choice when it comes to accessing your pension funds in retirement. Instead of withdrawing your entire pension as a lump sum or purchasing an annuity, you can tailor your withdrawals as needed.

The Prudential Retirement Plan is a non-advised product

This means you will be responsible for managing your pension through your retirement.

That involves selecting a suitable investment that you are comfortable with and managing your own withdrawals to make sure you have enough money for your retirement. You should feel comfortable with doing this without the need for financial advice.

Features of the Prudential Retirement Plan

A flexible drawdown product available to existing individual pension customers, letting you tailor your retirement income without financial advice.

  • Available to UK residents, over age 55 (57 from 6 April 2028, unless you have a protected retirement age).
  • Access to income as and when you need it.
  • You can keep your pension savings invested, with potential for growth – free from Income Tax and Capital Gains Tax.
  • Access to up to 25% of your fund as tax-free cash at the beginning of the plan, assuming you have sufficient lump allowance remaining.
  • Have complete control of your own investment(s).
  • Flexibility to make as many withdrawals as you like to suit your needs.

You’re in control

Access a drawdown product without the need for advice.

Flexible ways to take your money

Take money out of your pension fund as and when you need to.

A range of investment options to choose from

Choose from Investment Pathways, our PruFund range of funds, or a wide range of other funds, from a variety of fund management groups to suit your investment style and appetite for risk.

Access to flexible death benefits

Choice of death benefits for your loved ones when you die.

Investment options

With access to Investment Pathways, our PruFund range of funds and hundreds of collective funds from a wide variety of fund management groups – you’ve got options.
 

Remember, the value of your investment can go down as well as up, so you might not get back the amount you put in.

Four pre-selected fund pathways, each tailored to a different five-year retirement goal so you can choose the option that suits you best.   

Go to Investment Pathways

Giving you access to a wide range of investments, so all of your eggs aren't in one basket.

Go to PruFund Funds

Access to hundreds of collective funds from a wide variety of fund management groups, giving you the flexibility to choose to suit your investment style and appetite for risk.

View the range

Things to consider when choosing the Prudential Retirement Plan

  • It’s a non-advised product 
    You’ll manage your pension throughout retirement, including choosing investments and handling withdrawals, without financial advice.
  • It’s drawdown only
    This plan doesn’t allow further contributions, so you can’t add more money to your pension savings.
  • Going ahead without advice 
    You’ll be responsible for all decisions on accessing and investing your money. This means less protection from the Financial Ombudsman Service, though you can still raise concerns if treated unfairly.
  • New product, new options 
    Moving to this plan means different investment choices – you should review them carefully before proceeding.
  • Stay on track 
    You should regularly review your investments so you get the best out of your plan and stay on track for retirement. 
  • Check before you transfer 
    It’s important you look at all of your pension plans before deciding to transfer or move money. You may want to take professional advice.
  • After taking your 25% tax-free cash 
    You’ll need to decide how to invest the remaining funds and when to withdraw them.
  • Timescales
    We’ll process your investment instruction within three business days of the date we pay your tax-free cash.
  • Cash Account interest 
    Normally added monthly in arrears at a rate of 0.07% below the Bank of England base rate.

Understand what you might be giving up before you transfer

Have you considered all the benefits that you may be giving up transferring from your existing product into our Prudential Retirement Plan? We can’t accept transfers of any safeguarded benefits into our Prudential Retirement Plan - for example, if your plan offers Guaranteed Annuity Rates.

You can find more information in the documents below.

Prudential Personal Pension Plan, Prudential Personal Pension Scheme and Prudential Free Standing AVC Scheme Customers

Shop around

When deciding what to do with your pension pot, you should be aware that different providers offer different products ,that may be more suited to your individual circumstances

  • Each product option could also have different tax implications.
  • Their rates, Investment funds, charges and terms may also be different.
  • This is why il's important to shop around - so whatever you decide to do, it's the right decision for you.

Interested in the Prudential Retirement Plan?

Drawdown has advantages and things to consider. You need to think carefully before you transfer to a drawdown only product.

To help you understand more about the product, please read the following documents.

Prudential Retirement Plan – key documents

Please read the following documents carefully before you decide to buy this plan. It’s important you understand how the Prudential Retirement Plan works, the benefits and any associated risks. It’s also worth keeping copies of these documents in a safe place for future reference.

Get expert guidance and advice

Transferring a pension is an important decision. You should speak to your financial adviser if you have one. If you don’t have a financial adviser:

  • You can search for an independent financial adviser at unbiased.co.uk
  • Or, you can book a no-obligation, initial chat with M&G Advice. It’s a great way to explore how we could help.
Book your chat

Existing Pru customer?

Manage your plan online

Make a withdrawal

Call 03452680488 from the UK or +442037559358 if calling from abroad.

Lines are open Monday to Friday, 08:30 - 17:30.

Handy tools to support your retirement planning

Sustainability of Income Calculator

Use our calculator to explore how a change in what you take out might affect your pension pot. You can then get in touch to make your changes.

Sustainability of income calculator

Pension Pot Calculator

Use our Pension Pot calculator to help you understand how different retirement options could impact your retirement income and what your pension pot could provide.

Pension pot calculator

HMRC

Find out more information on tax rules and legislation which may affect you and your pension plans.

Visit HMRC

Start planning early

From age 50 we recommend you speak to Pension Wise, a government service from MoneyHelper that offers free, impartial guidance to help you understand your retirement options. You can speak to them on 0800 280 8880, and book an appointment to meet someone in person. You can also speak to a financial adviser.

Visit Pension Wise

Support, when you need it the most

Life can be challenging. When you need a bit more support, we’re here. Visit our Care and Support Hub to find out how we can help.

Visit care and support hub
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