If you’re considering stopping payments to 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 that you should think about before you make any decisions.
If you have waiver of premium benefit with your plan and you’re unable to work through illness or accident, you may be able to apply for your payments to made on your behalf. Please call so we can talk to you about this in more detail.
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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.
These vary depending on your plan type - we can explain your options further if you call us. They could include:
Alternatively you could consider changing the amount you pay.
There are a few things you should think about before you stop making payments:
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.
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.
Alternatively, speak with a financial adviser - if you don’t have one, you can get details of financial advisers at pru.co.uk. You may be charged for their service.