Introducing the Prudential Guaranteed Income Plan: A Smarter Approach to Retirement Income

We understand the challenges advisers face when discussing lifetime annuities with clients. While annuities offer the security of a guaranteed income for life, many clients are deterred by their perceived inflexibility, lack of access to capital, and concerns over leaving a financial legacy. That’s why we’re excited to introduce the Prudential Guaranteed Income Plan—a fresh, more flexible solution designed to address these concerns head-on.

This new plan offers the reassurance of a guaranteed income for a specified term, but with added features that make it more appealing to today’s retirees. Unlike traditional lifetime annuities, the Prudential Guaranteed Income Plan includes:

• Access to capital: Clients can retain control over their funds, with a built-in surrender option to access their capital in the future if circumstances change.
• Death benefits: The plan allows clients to leave a legacy through a built-in death benefit that protects their loved ones.
• Flexibility: Clients aren’t locked into an irreversible decision. The plan provides more choice and adaptability, helping them feel confident about committing to a retirement income strategy.

Once the plan has started the benefits and income options selected can’t be changed.

The Prudential Guaranteed Income Plan has been designed very much with the FCA’s Retirement Income Thematic Review and Consumer Duty requirements in mind, helping advisers deliver consistently suitable advice by providing a secure, sustainable income stream that can be tailored to meet income needs. By offering guaranteed income, built-in flexibility, and clear death benefits, the Prudential Guaranteed Income Plan supports robust capacity for loss assessments and helps advisers demonstrate that they are avoiding foreseeable harm—ensuring client outcomes remain central to the advice process in line with regulatory expectations.

From an adviser’s perspective, this plan is a game-changer. One of the biggest drawbacks of standard annuities is the loss of ongoing client engagement. Once the annuity is purchased, the adviser’s role often diminishes. With the Prudential Guaranteed Income Plan, that relationship is preserved. Advisers remain central to the client’s financial journey, with opportunities to review, adjust, and support their evolving needs over time. This flexibility is essential given that retirement itself has evolved and is no longer the “cliff edge” event it once was, with clients requiring ongoing advice more than ever.

This product is particularly well-suited to clients who are cautious about making permanent decisions and want to keep their options open. It bridges the gap between the certainty of income and the flexibility they desire, making it easier for advisers to recommend a guaranteed solution without compromising on client priorities. Income may go down some years but we’ll never pay less than the guaranteed amount.

We believe the Prudential Guaranteed Income Plan will help advisers have more meaningful conversations with clients about retirement income—conversations that focus on security, legacy, and control. It’s a modern solution for a modern retirement.