Pensions

Transferring to another pension

If you’re considering transferring your pension plan, we’ll be happy to help. It’s important to note that once you’ve told us what you’ve decided to do, you may not be able to change your mind. 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.

We might record your call for training and quality purposes. To find out more about how we use your personal data please visit pru.co.uk/mydata.

How a pension plan works

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.

You might need to pay tax depending on your circumstances and the options you choose. Tax rules can also change in the future. You may want to seek advice.

Your options

If you’d like to transfer to a different pension provider we can help you. Transferring may not be an option for all plans – we’ll be able to tell you if this is available if you call us.

Pension transfers are a complex area of financial planning, getting the decision wrong could have a significant impact on the benefits you receive from your plan. You can call us for more information, and you should seek financial advice.

Things to consider before making your decision

There may be an exit charge for leaving your plan.

Any guarantees, benefits, options and features under your existing plan may be lost and this could affect the benefits you receive.

The features and investment options of the new plan may differ. Will they meet your needs and requirements?

Charges may be higher or lower from those you pay now.

There’s no guarantee the new plan will perform any better than your current plan.

Transferring out of the With-Profits Fund could result in a market value reduction which can reduce the value of any withdrawals taken from the fund.

It can take time to transfer between plans causing a potential loss of investment growth while the transfer is completed, as your money won’t be invested.

In some cases, you may not need to transfer your whole plan. If you’d like to know more, just give us a call.

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

Protecting yourself from pension scams

Fraudsters are always out there and constantly changing their tactics. 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.

What to do now

Transferring your pension is a big decision. You should speak with a financial adviser first. If you don’t have one, you can get details of financial advisers at pru.co.uk. You may be charged for their services.

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 (except bank holidays) and happy to help in any way we can. Please make sure you have your plan number to hand when you call.

"Prudential" is a trading name of Prudential Distribution Limited. Prudential Distribution Limited is registered in Scotland. Registered Office at 5 Central Way, Kildean Business Park, Stirling, FK8 1FT. 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.