If you’re considering a change to the investments including funds held in your pension plan, we’ll be happy to help. It’s important to note that this option is only available on certain plans and that you can’t cancel a switch instruction once it’s been given, however you can give subsequent instructions to us. Please be sure you understand all your options, and the effect of any changes you make. There are a few things you should think about before you make any decisions.
If you have any questions once you’ve read this summary, or need any help understanding your options, just call us on 0345 640 1000 or +44 178 644 8844 if you’re calling from abroad.
There’s a variety of pension plans available. They’re designed to provide a tax-efficient way of helping you to build up a pension pot to provide for your retirement.
Pension plans offer tax relief on your payments, subject to certain limits, with any growth in your plan being largely tax-free. In most cases you can take up to 25% of your plan tax-free and the remainder will be taxable.
Tax rules are complex and require careful consideration and the impact will depend on your individual circumstances. Taxation, legislation and HM Revenue & Customs practice is liable to change without notice. You may want to seek advice.
Where you have a choice of investments, the options vary depending on your plan. We can explain these if you get in touch. They could include:
There are some things you should think about before making any changes:
It’s important to know that the value of investments can go down as well as up and you could get back less than you paid in.
If you’re invested in - or have access to - a lifestyle option, you should think about how and when you plan to take your benefits. This option automatically moves your investment into less risky funds, as you get closer to taking your benefits. If you’d like to know more, just give us a call.
According to Action Fraud, the UK’s fraud and internet crime reporting centre, an estimated £1.2bn is lost to scams every year. So if you’re thinking of reinvesting the money from your plan, take a minute to find out more, and stay ahead of the scammers. There is also some very useful information available from The Pensions Regulator.
Give us a call on 0345 640 1000 or +44 178 644 8844 if you’re calling from abroad. We can’t give you advice or make your decision for you, but we’ll be happy to help you understand your plan and talk you through all your available options and their possible implications.
We’re here 8am - 6pm Monday to Friday and happy to help in any way we can. Please make sure you have your plan number to hand when you call.
Alternatively, speak with a financial adviser - if you don’t have one, you can get details of financial advisers from pru.co.uk and selecting ‘contact a financial adviser’. You may be charged for their services.