Flexible Lifetime Annuity

Please contact us to change your bank details. We’re available Monday to Friday 8:30am - 6:00pm, excluding public holidays.

If you send your bank details in writing, we may require further identification from you. We will contact you if this is needed.

We can only make payments into an account with your name.

To change your address we’ll need evidence to confirm your identity and your new address.

Please contact us and we’ll confirm the details with you.

Call us on 0345 075 7576, we’re available Monday to Friday 8:30am to 6:00pm, excluding public holidays.

To change your name, we’ll need a signed letter from you with details of your previous name and your new name. We’ll also need one of the following original documents: a Marriage Certificate, Civil Partnership Certificate, Decree Absolute, Final Order or a Deed Poll.

Please send the letter, including your policy number, to Prudential, Lancing, BN15 8GB. We’ll return your document to you straight away.

We understand you may be going through a difficult time, so we want to make dealing with us as simple as possible.

If someone has died please let us know by completing our online form. The online form is quick and easy to complete and we’ll send confirmation of its submission straight away.

Alternatively you can call us on 0345 075 7576, we’re open Monday to Friday 8:30am – 6:00pm, excluding public holidays

We’ll automatically send you a copy of your P60 by 31 May each year.

You’re able to change your annual income, or take a one-off amount as long as it is within the minimum and maximum yearly limits shown in your last annual statement.

Changes to your income may have tax implications. For more information please visit our tax page or HM Revenue and customs at hmrc.gov.uk.

Your minimum and maximum yearly income limits are recalculated every three years and will depend on various factors including the options you’ve selected, the income you’ve taken and investment performance.

We'll write to you around four weeks prior to your policy anniversary to let you know your new income limits and any options available to you.

Your income may have changed as a result of the three yearly review of your plan.  Your income may also have changed due to a change in tax code or to the payment amount before any tax or deductions are taken (gross payment).

If you were not expecting this to change, please call us on 0345 075 7576, we’re available Monday to Friday 8:30am to 6:00pm, excluding public holidays.

To query a tax code you’ll need to contact HM Revenue & Customs (HMRC).

HMRC will notify us of any tax code changes whenever they issue a new code to you.

You'll need your National Insurance number and your policy number. If HMRC ask for our tax district and reference number (or PAYE reference), you'll find them on your end of year tax certificate (P60).

Tax rules can change and the impact of taxation and any tax relief depends on your circumstances, including where you live.

You cannot transfer out of the Flexible Lifetime Annuity (FLA), however you can move to a guaranteed income within FLA at any point. 

The investment and income flexibility under FLA is designed to run until the policy anniversary before your 90^th birthday.  At this point we convert your investments into a guaranteed income.  If you hold any With-Profits investments, these can be used to provide an income which is still linked to the performance of the With-Profits Fund.

If you no longer want the investment and income flexibility you can convert to a guaranteed income sooner. Once you have moved into a guaranteed income, you are not able to move back.  If you want to consider this option we recommend that you speak to your financial adviser.

Please refer to your Terms and Conditions for more information.

There are a range of funds and Lifetime Investment Strategies available. You're able to change the funds you're currently invested in, up to the plan anniversary before your 90th birthday. To find out about changing funds, please read the Fund Guide for Flexible Lifetime Annuity and Flexible Income Drawdown Plan.

There are a few things you should think about before making changes to your funds:

• There’s no guarantee that one fund will perform any better than another. In making your decision you should consider your attitude to:
  • Balancing investment risk and reward.
  • Your level of investment knowledge.
  • How long you'll remain invested.
• Switching out of some funds may restrict where you can reinvest.
• Charges may differ between funds.
• Switching out of the With-Profits Fund could result in a market value reduction, causing the amount switched from the fund to be reduced.
• Possible delays: in some circumstances your switch instruction could be delayed. We’ll let you know if this applies.

It’s important to know that the value of your investment can go down as well as up so you might not get back the amount you put in.

We always recommend you speak to your financial adviser before making any changes to your funds.

If you don't have a financial adviser you can find one at unbiased.co.uk.

Read about our Principles and Practices of Financial Management and Your With-Profits Plan Guide.

The Flexible Income Drawdown Plan and Flexible Lifetime Annuity flyer shows the bonuses we have declared this year. The effect this has on your income will be shown in your annual statement.