If you’re considering taking part or all of the cash from your plan as a lump sum, we’ll be happy to help. It’s important to note that once you’ve told us what you’ve decided to do, you can’t 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 and any other plan owner 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.
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Prudential Savings Account and Prudential Investment Bond are medium to long-term (5 to 10 years or more) investment plans that accept a mix of regular and one-off payments. They invest in the With-Profits Fund. Both plans also provide a small amount of life and terminal illness cover.
The value of your investment can go down as well as up so you might not get back the amount you put in.
Your options are:
As an alternative you might want to consider taking regular withdrawals.
There are some important things to consider before fully or partially cashing in your plan:
If you took out life cover and/or critical illness cover with your plan, they will be unaffected.
Whether any tax would be due depends on a number of factors including your personal tax position and the timing and amount of cash taken out to date.
Cashing in all or part of your plan can have tax implications. There’s more information in our guide to tax on your investment bond.
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.
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 how to stay ahead of the scammers.
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.
Alternatively, speak with a financial adviser - if you don’t have one, you can get details of financial advisers in your area at pru.co.uk. Financial advisers will charge you a fee for any advice they give you, but it will be personal to you.
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.