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PruAdviser online services will be unavailable from 18:00 on Saturday 13 August until 12:30 on Sunday 14 August for website maintenance. We apologise for any inconvenience caused.
Retirement Account
A flexible personal pension which allows your client to save through single or regular payments, make transfers from other pensions, chose from a wide range of funds and access benefits flexibly.
Our latest update to the Retirement Account online services offers enhanced functionality to improve the experience for you and your clients.
The Retirement Account has two parts, the Pension Savings Account and the Pension Income Account, and your clients can choose to invest in either or both of these parts. We also offer the flexibility to phase money from the Pension Savings Account to the Pension Income Account.
Pension Savings Account
Pension Income Account
The Prudential Retirement Account is available to anyone who is a resident of the United Kingdom. It can be opened up on behalf of children under the age of 18.
Clients can make payments in to the Retirement Account until they are aged 75.
Money from another pension can be transferred in before and after the age of 75.
There is no maximum contribution or transfer amount, but for any requests to invest a total of £1 million or more, please contact your account manager. Contributions must be made in Sterling from a UK bank account.
Drawdown allows clients to take a tax-free lump sum and income payments directly from their pension fund, thereby allowing potential investment growth on the remaining fund.
Clients can normally start taking pensions benefits from drawdown from age 55.
Our Retirement Account offers two drawdown options:
Flexi-Access Drawdown
Capped Income Drawdown
Benefits of Drawdown
Please remember that your client's fund could be depleted before their death and they may run out of money in their lifetime if they continue to take income from their investment.
Taxation is dependent on your client's individual circumstances and can change in the future.
The Retirement Account offers a wide range of investment choices. Your client can hold any combination of investment options, including our established PruFund range of funds and hundreds of collective funds, within one pension.
Remember that the value of your client’s investment can go down as well as up. They may not get back what they have paid in.
PruFund range of funds
The PruFund range of funds aim to grow your client's money whilst smoothing the investment journey. For more information on the PruFund funds, see our PruFund Fund Guide (PDF).
For Expected Growth Rates (EGR) and historical performance, check our EGR hub.
PruFund Planet Fund Range
A choice of five risk-managed, multi-asset funds each with its own risk profile, actively managed by M&G's Treasury and Investment Office (T&IO). PruFund Planet enables advisers to design an investment strategy that suits the client’s appetite for risk and reward, whilst helping to ensure their money works to deliver positive environmental and societal outcomes.
More about PruFund Planet Fund Range
Prudential Risk Managed Active Range
A choice of five risk-managed multi-asset collective funds each with its own risk profile, investing at least 70% in active collective investments. M&G Investment Management Ltd, part of M&G plc, are the investment managers for the Risk Managed Active funds. They make the relevant adjustments to the portfolio based on M&G Treasury & Investment Office recommendations.
More about the Risk Managed Active Range
Prudential Risk Managed Passive Range
A choice of five risk-managed multi-asset collective funds each with its own risk profile, investing at least 70% in passive collective investments. M&G Investment Management Ltd, part of M&G plc, are the investment managers for the Risk Managed Passive funds. They make the relevant adjustments to the portfolio based on M&G Treasury & Investment Office recommendations.
More about the Risk Managed Passive Range
Environmental, Social and Governance (ESG) Funds
We’ve increased the choice of funds available on Retirement Account by adding a range of ESG funds (including the PruFund Planet Fund Range detailed above) which invest in asset classes such as equities, fixed income, property and alternatives, from a range of M&G and external fund managers.
Within the range there are both sustainable and climate focused funds managed by M&G, meeting high ESG standards and investing in companies driven by sustainability.
Collective Funds
Your client can also access hundreds of collective investment funds from a variety of fund management groups, allowing them to choose funds with different managers or management approaches.
We provide a fund filtering tool, fund fact sheets and fund reporting documents to help you review and suggest the right investments for your client.
Other investment options
For even more choice, we also give access to other investment options, such as direct investment in UK stocks and shares, investment trusts and exchange traded funds through Stocktrade.
The PruFund Protected Funds are currently unavailable to new investments.
If your client invests in certain PruFunds from the PruFund range of funds, two different kinds of guarantee may be available, at an additional charge.
There are a number of charges which may apply to the Prudential Retirement Account:
There is more information on all of the applicable charges below. Alternatively, download our Fast Facts (PDF) document.
We will make an annual charge for administering the Retirement Account, taken monthly as a percentage of the Fund Value. The Fund Value may be eligible for a Fund Size Discount.
Total Value Of Retirement Account |
Yearly Product Charge After Discount |
£0 - £99,999 |
0.45% |
£100,000 - £249,999 |
0.40% |
£250,000 - £499,999 |
0.35% |
£500,000 - £749,999 |
0.30% |
£750,000 - £999,999 |
0.275% |
£1,000,000+ |
0.25% |
The product charge is taken from all investments in the Retirement Account, including the Cash Account, and is deducted differently depending on the type of investment. Charges may vary in future.
PruFund
Cash Account and Collectives
For more information, including the charges and Fund Size Discounts, please see our Fast Facts document (PDF).
Yearly charge
This is a charge for looking after the investment. This may vary between funds and may change throughout the lifetime of the Prudential Retirement Account. Where your client has invested in PruFund, this charge can also be referred to as an Annual Management Charge.
Further costs
There are other costs that aren’t covered by the yearly charge. These can include, for example, maintenance costs for property investments and costs associated with investing in infrastructure, such as utilities, transport and renewable energy. These costs can vary over time.
For external funds, they are described as "ongoing charges" and quoted as a percentage in the Key Investor Information Documents (KIIDs).
Additional information on Further costs for our PruFund range is available in the PruFund Fund Guide (PDF).
For all fund types, the charge is calculated daily and reflected in the fund's price.
The PruFund Protected Funds are currently unavailable to new investments.
There is a charge for both types of guarantee, taken monthly. The price paid is set when your client takes out a guarantee and applies for the length of time the guarantee is in place. Although our guarantee charges may vary in the future for other investments, your client will continue to pay the charge fixed at the beginning of their guarantee.
If a new guarantee is taken out, a different charge may apply.
If your client turns off a guarantee, they can't have another guarantee of the same kind for 12 months unless:
Guarantees will automatically come to an end on your client's death and can't be passed on to any beneficiaries. Beneficiaries will be able to take out guarantees of their own.
The Retirement Account offers flexible adviser charging options, which you can tailor to your business model and client requirements.
Initial Adviser Charge
Ad hoc Adviser Charge
Ongoing Adviser Charges
Charges made for Stocktrade Investments are:
|
Min. Fee |
Fee % |
Max Fee |
Online Trading |
£15 |
0.5 |
£75 |
Offline Trading |
An additional charge of £30 per trade will be applied where a trade is requested offline (phone, email, fax). |
Nominee
Nominee charges of £20 per quarter (payable January, April, July & October) will also apply. There is no charge for transfer in of UK stocks but a £15 stock transfer out charge will apply.
© Prudential 2022
"Prudential" is a trading name of Prudential Distribution Limited. Prudential Distribution Limited is registered in Scotland. Registered Office at Craigforth, Stirling FK9 4UE. Registered number SC212640. Authorised and regulated by the Financial Conduct Authority. Prudential Distribution Limited is part of the same corporate group as the Prudential Assurance Company Limited. The Prudential Assurance Company Limited and Prudential Distribution Limited are direct/indirect subsidiaries of M&G plc which is a holding company registered in England and Wales with registered number 11444019 and registered office at 10 Fenchurch Avenue, London EC3M 5AG, some of whose subsidiaries are authorised and regulated, as applicable, by the Prudential Regulation Authority and the Financial Conduct Authority. These companies are not affiliated in any manner with Prudential Financial, Inc, a company whose principal place of business is in the United States of America or Prudential plc, an international group incorporated in the United Kingdom.