Prudential Retirement Account A guide to Flexi-Access Drawdown
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1 Prudential Retirement Account A guide to Flexi-Access Drawdown
2 Welcome An introduction to the Prudential Retirement Account The Prudential Retirement Account has been designed to meet the needs of today s generation planning for their retirement. A generation which is increasingly retiring in a very different way from that of their parents, and as such are looking for a much greater level of flexibility. The Retirement Account gives that flexibility. It allows you to invest tax-efficiently in your pension and provides many flexible options to take your pension benefits. This brochure focuses on the features of Flexi-Access Drawdown available through the Prudential Retirement Account. For more information on saving into the Prudential Retirement Account, please refer to Prudential Retirement Account A guide to saving into your pension. 2 Prudential Retirement Account A Guide To Flexi-Access Drawdown
3 Retirement has changed Retirement has changed dramatically over the past 10 years or so. The days of retirement as a one-off event at aged 65, followed by a quiet and sedentary retirement lifestyle, are increasingly becoming something confined to the history books. The way in which people are retiring is changing more people are continuing to work later into life, people are increasingly taking up new hobbies and challenges in retirement with some adopting a phased approach to retirement perhaps choosing to work part-time as part of their retirement planning. And of course, generally people are living longer than the previous generation so their money needs to last longer. On average a woman retiring at 65 is expected to be in retirement for 24 years, and a man retiring at 65 for 22 years. Additionally, their income requirements may change significantly over that time. Consequently people are looking for more flexibility with their retirement plans. and the rules around pensions have changed The government is keen that people save for their retirement, so it provides extremely valuable tax incentives to encourage people to save. However, until April 2015, those incentives came with some restrictions around how and when you could take money from your pension. One of the main restrictions forced the vast majority of people to buy a guaranteed regular income in the form of an annuity. There were other options prior to April 2015, such as Income Drawdown, however they came with a number of restrictions around how much money you could take. In April 2015 pension freedoms changed the way you can take money from your pension. The new freedoms give people much more flexibility and options with their pension and income. The projected average lifespans for men and women in the UK, and estimated time in retirement assuming a retirement age of 65. Men Women 22 years average 24 years average Working Retired Source: December 2015 Prudential Retirement Account A Guide To Flexi-Access Drawdown 3
4 A pension that provides the flexibility you need Against this backdrop, Prudential has introduced a pension which allows the full scope of these flexibilities The Prudential Retirement Account. This is a new-style pension which allows you to save for your retirement and take pension benefits in a flexible way all within one plan. At a glance Make payments into your Retirement Account in a number of ways and from different sources to help you save for retirement Choose which funds to invest your money in (and change them over time as your needs change) including: PruFund range of funds Prudential s established smoothed funds Dynamic Portfolios and Dynamic Focused Portfolios ready-made portfolios designed to spread your risk A wide range of external funds and Fund Managers allowing you to build your own investment portfolios Invest directly in exchange-listed stocks and shares through a stockbroker Option of a Capital or Minimum Income Guarantee on selected PruFund investments You can start to withdraw your money any time from age 55 allowing you to: withdraw a regular income, ad-hoc lump sums or a combination of both vary the level of income you take to help minimise the tax you pay save and withdraw money at the same time Keep your options open no-one can predict what will happen in the future, so you have the reassurance of knowing your options remain open with the Retirement Account 4 Prudential Retirement Account A Guide To Flexi-Access Drawdown
5 How it works There are two core elements at the heart of the Retirement Account the diagram below outlines how it works: 1. Pension Savings Account (Pension) 2. Pension Income Account (Flexi-Access Drawdown) 1. Pension Savings Account (Pension) 100,000 Withdraw some or all of your money as a UFPLS Move money into the Pension Income Account 2. Pension Income Account (Flexi-Access Drawdown) Up to 25,000 tax-free 75,000 remains invested and can be withdrawn as taxable amounts when needed Up to 25,000 tax-free 75,000 subject to income tax Key Money invested in the Prudential Retirement Account Money withdrawn from the Retirement Account This brochure is based on our understanding of current taxation, legislation and HM Revenue & Customs practice and limits, all of which are subject to change without notice. The impact of taxation (and any tax relief) depends on individual circumstances. Please remember the value of investments can go down as well as up and you may not get back the amount you invested. Prudential Retirement Account A Guide To Flexi-Access Drawdown 5
6 How it works (continued) 1. Pension Savings Account (Pension) The Pension Savings Account helps you to save for your retirement in a tax-efficient way. It allows you to save through your own contributions, contributions from employers and third parties and transfers from other pensions (transfers from other drawdown arrangements would go straight into the Pension Income Account). Investing in this pension gives your money the opportunity to benefit in two ways: (i) Tax Relief The money you or a third party contribute will benefit from tax relief. Investing 100 in your pension only costs you 80 as we apply for basic rate tax relief for you from HM Revenue & Customs. And you may be able to claim back even more if you are a higher or additional rate tax payer. Tax relief will not however, be added to employer contributions or transfer payments. (ii) Potential for investment growth Your money has the opportunity to benefit from potential investment growth. Your adviser will recommend where to invest your contributions, choosing from an extensive range designed to meet a variety of needs and attitudes to risk. The flexibility and control offered also means that once the investment choices have been made, they can be amended in future to fit changing needs. As well as saving into the Pension Savings Account, from age 55 you can also withdraw some or all of your money directly from it as cash lump sums. The government refers to this as Uncrystallised Funds Pension Lump Sums (UFPLS). Up to 25% of each amount you withdraw as a UFPLS is paid as a tax-free amount and the remaining 75% is added to your other income and taxed accordingly. 6 Prudential Retirement Account A Guide To Flexi-Access Drawdown
7 2. Pension Income Account (Flexi-Access Drawdown) From age 55 (this is the age set by the government and is subject to change), you have the option to move some or all of your money into Flexi-Access Drawdown. The next sections of this guide will explain four of the main benefits of Flexi-Access Drawdown in more detail: 1. Taking your tax-free cash This allows you to take up to 25% of each amount you move tax-free and then take a taxable income from the rest. There are various ways to do this including moving all your money at once, in regular phases or on an ad-hoc basis. 2. Flexible ways to withdraw your money You have the flexibility to take as much or as little of your money as a regular income, as ad hoc withdrawals or a combination of both. Having this flexibility allows you to manage the tax you pay e.g. you can take just enough income to keep you within a lower tax band. 3. Offering a wide range of investment funds to help grow your money Any money not withdrawn remains invested in your chosen funds. This gives you the opportunity to benefit from further potential investment growth. 4. Leave money to your loved ones Any money remaining upon your death can be passed onto your loved ones, usually free from Inheritance Tax. Prudential Retirement Account A Guide To Flexi-Access Drawdown 7
8 1. Taking your tax-free cash There are a number of different ways you can take your tax-free cash. The flexibility offered by the different ways of accessing tax-free cash helps you to manage your tax payments and take an income to suit your needs. i. Move all of your money into Flexi-Access Drawdown known as Full Drawdown. This option allows you to take up to 25% of your total fund tax-free. For example, if you have 100,000 in your pension and the full amount is moved into Flexi-Access Drawdown, 25% ( 25,000) can be taken tax-free. The remaining 75% ( 75,000) remains invested in Flexi-Access Drawdown and can be withdrawn when you need it. ii. Move some of your money into Flexi-Access Drawdown known as Partial Drawdown. This option allows you to move some of your money into Flexi-Access Drawdown, whenever you need it, and receive 25% tax-free on each amount moved. 1. Pension 2. Flexi-Access Drawdown 100,000 50,000 remains in the pension Move 50,000 into Flexi-Access Drawdown 12,500 tax-free 37,500 remains invested and can be withdrawn as taxable amounts when needed Key Money invested in the Prudential Retirement Account Money withdrawn from the Retirement Account For example, if you have 100,000 in your pension and you move 50,000 into Flexi-Access Drawdown, 25% ( 12,500) can be taken tax-free. The remaining 75% ( 37,500) remains invested and can be withdrawn when you need it. 8 Prudential Retirement Account A Guide To Flexi-Access Drawdown
9 iii. Move your money into Flexi-Access Drawdown in regular phases known as Phased Drawdown. This allows you to automatically move your money into Flexi-Access Drawdown in regular phases and receive 25% tax-free on each amount moved. 1. Pension 100, Flexi-Access Drawdown 2,500 tax-free 7,500 remains invested and can be withdrawn as taxable amounts when needed Move 10,000 into Flexi-Access Drawdown each year 2,500 tax-free 7,500 remains invested and can be withdrawn as taxable amounts when needed 2,500 tax-free 7,500 remains invested and can be withdrawn as taxable amounts when needed Key Money invested in the Prudential Retirement Account Money withdrawn from the Retirement Account For example, if you have 100,000 in your pension and 10,000 a year is moved into Flexi-Access Drawdown, 25% of each amount ( 2,500) can be taken tax-free. The remaining 75% of each amount ( 7,500) stays invested and can be withdrawn when you need it. Each amount withdrawn from Flexi-Access Drawdown over and above the tax-free amount is subject to your appropriate rate of income tax. Prudential Retirement Account A Guide To Flexi-Access Drawdown 9
10 2. Flexible ways to withdraw your money The flexibility offered by Flexi-Access Drawdown allows you to take an income to suit your needs, whether your goal is simply to cover your essential monthly outgoings or to manage the amount of tax you pay. There are a number of ways to take an income from Flexi-Access Drawdown: A regular income a regular income on a monthly, quarterly, half-yearly or annual basis. This can be paid on any date between the 1st and 28th of the month and you can start, stop or amend the amount at any time. Lump sum withdrawals withdraw an ad hoc lump sum at any time, perhaps to cover the cost of a significant event or purchase. A combination of both you can choose to receive a regular income and withdraw ad hoc lump sums at the same time. The flexibility on how you take your income offers two distinct advantages: i) Helps manage your income tax Any income taken over and above your tax-free amount is added to any other income you receive and taxed accordingly. How much income and when you take it can have an impact on the amount of income tax you pay. Therefore, you could potentially change your tax rate and decrease the amount of tax you pay. Of course withdrawing a higher amount could result in increasing your tax rate. ii) Adjust your income to suit your needs Your needs can change over time. With Flexi-Access Drawdown, you have the option to change the amount, the frequency or stop taking an income altogether to suit your needs. If you decide to stop taking an income, you can re-start it again in the future. Please remember, your money is not guaranteed to last for life and there are a number of tax implications when withdrawing your money. It is important that you and your adviser work out a sustainable income (so you don t run out of money) and review it on a regular basis. 10 Prudential Retirement Account A Guide To Flexi-Access Drawdown
11 The following example demonstrates the advantages of Flexi-Access Drawdown in helping manage the amount of tax paid and changing your income to suit your needs. Alan is 55 and is a higher rate taxpayer earning 50,000 per year He would like to take his tax-free lump sum but doesn t require any additional income. He moves 100,000 from his pension into Flexi-Access Drawdown. He takes 25,000 tax-free and the remainder of his money is invested in Flexi-Access Drawdown When Alan reaches 60, he decides to reduce the amount of hours he works and his salary drops 25,000 a year. As a result of his reduced salary, he now requires additional income. He therefore takes 10,000 a year from his Flexi-Access Drawdown. This gives him a total income of 35,000, so he is now a basic rate taxpayer and will benefit from paying a lower rate of tax. When Alan reaches 65, he decides to fully retire as he now has additional sources of income. He is now entitled to an income from his company pension of 15,000 a year and an additional 8,000 State Pension He no longer needs any income from his Flexi-Access Drawdown and decides to leave it invested. This gives him a total income of 23,000, so he is still a basic rate taxpayer. In effect, Alan has used his Flexi-Access Drawdown to bridge the gap from partial to full retirement and manage his income tax level. The values used are for illustrative purposes only. Please note the value of your State Pension will depend on your personal circumstances. Prudential Retirement Account A Guide To Flexi-Access Drawdown 11
12 3. Offering a wide range of investment funds to help grow your money When you move into Flexi-Access Drawdown your money remains invested. Where it is invested can have a significant impact on the value of your pension and gives it the opportunity to potentially increase in value. Risk vs Reward There is a link between the amount of risk an investor is prepared to take, and the potential rewards they seek to gain. Although money may be more secure in a lower-risk investment, it is also unlikely to grow significantly. Whereas investing in a higher-risk investment, means the potential rewards may be greater but it is less secure. The key to successful investing is to find the correct balance between potential reward and risk. Funds available to invest in We offer a wide range of investment options, including the PruFund range of funds, Dynamic Portfolios and Dynamic Focused Portfolios, as well as hundreds of other external funds and other investment choices which give access to directly invested options. How your adviser can help Your adviser will help you to find the balance between risk and reward and will recommend investments suitable to your attitude to risk. Many advisers will also offer to review your needs and your attitude to risk over time and, if they have changed, will adjust your investments accordingly. For example, someone who is saving for their retirement may be willing to take more risk to help build their savings over a period of time. However, once retired that same person, may be less willing to take as much risk as they are relying on their money to provide an income. Therefore, it is crucial that your money is invested in the most appropriate funds for you. Please remember the value of investments can go down as well as up and you may not get back the amount you invested. 12 Prudential Retirement Account A Guide To Flexi-Access Drawdown
13 A wide range of investment options available in the Prudential Retirement Account: PruFund The PruFund range of funds invest in our With-Profits Fund and includes a choice of PruFund Growth, PruFund Cautious, and our four Risk Managed PruFunds. Collective Funds Prudential Dynamic Portfolios five risk-managed multi-asset funds which use selected Morningstar (an independent rating agency) rated funds Prudential Dynamic Focused Portfolios five risk-managed multi-asset funds which use active and passive management approaches Hundreds of other Collective funds access to some of the most popular fund managers and investment companies available today Other investment choices For even more choice, we also give direct access to stock exchange investment options such as UK stocks and shares, investment trusts and exchange-traded funds provided by a regulated third party called Stocktrade. The benefits of diversified funds The PruFund range of funds, the Dynamic Portfolios, Dynamic Focused Portfolios, and many of the external collective funds invest in a spread of different types of investments (or asset classes). This is what s known as a multi-asset fund. The four main asset classes are equities, commercial property, bonds (corporate and government) and cash-based investments and they all offer differing levels of risk and potential reward. By spreading your investments across these asset classes, the effects of the rises and falls associated with investing in a single asset class can be reduced. Prudential Retirement Account A Guide To Flexi-Access Drawdown 13
14 PruFund range of funds designed to smooth some investment volatility The PruFunds are a range of multi-asset funds which invest in our With-Profits Fund and are designed to suit different attitudes to risk. They aim to grow your money and benefit from a established smoothing process which helps protect investors against some of the extreme short term ups and downs of investment performance. What is smoothing The smoothing process is intended to provide a smoother investment journey. It aims to protect customers investments from some of the market volatility associated with the underlying assets. This means that you would not benefit from the full upside of market rises, or suffer from the full downside of market falls, which can help to provide a more stable performance. The PruFund range of funds also offer: They spread risk by investing in many different asset types A choice of funds to suit different attitudes to risk Economies of scale investment costs are spread over many investors Active management by skilled asset allocation experts The Prudential Portfolio Management Group Limited For more information on our smoothing process please see the Prudential Retirement Account Your With-Profits Plan A Guide To How We Manage The Fund (PruFund range of funds). 14 Prudential Retirement Account A Guide To Flexi-Access Drawdown
15 Dynamic Portfolios and Dynamic Focused Portfolios The Dynamic Portfolio funds and Dynamic Focused Portfolio funds are a range of multi-asset Open Ended Investment Companies (OEICs) funds designed to meet your attitude to risk. The names of the funds give an indication of risk by stating the minimum and maximum percentage limits that can be invested in equities. For example, the Prudential Dynamic Portfolio can have between 60% and 100% invested in equities. The higher the percentage in equities, the more risk you are taking, but this brings greater potential reward. Dynamic Portfolios Dynamic Portfolios are funds which are essentially ready-made portfolios giving you access to a range of leading investment managers from outside of Prudential including Fidelity, M&G, Artemis and Invesco. When you invest in these funds, units are bought on your behalf the value of your units is directly linked to the performance of the investments in the funds. This means these funds don t benefit from smoothing and the funds value is likely to go up and down on a daily basis. Dynamic Focused Portfolios The Dynamic Focused Portfolios are similar to the Dynamic Portfolios but they invest in funds that are actively and passively managed. Actively managed funds are where fund managers make decisions about where to invest the money. Whereas passively managed funds are set up to track the performance of a share index. By combining both actively and passively managed funds, investors benefit from specialist investment expertise and cost effective access to mainstream equity markets. Prudential Retirement Account A Guide To Flexi-Access Drawdown 15
16 A broad array of other investment options are available External Collective Funds You have access to hundreds of collective funds from a wide variety of fund management groups. This allows you to choose funds with different managers and funds that are managed in different ways. When you invest in these funds, units are bought on your behalf the value of your units is directly linked to the performance of the investments in the funds. This means these funds don t benefit from smoothing and the funds value is likely to go up and down on a daily basis. Other options You also have the option to invest in stocks and shares through a stockbroker called Stocktrade. It gives you access to more specialist investment options including UK stocks and shares, Exchange-traded Funds, and Investment Trusts. Stocktrade, which will charge on a per trade and custody basis for accessing these investments. 16 Prudential Retirement Account A Guide To Flexi-Access Drawdown
17 Capital and Minimum Income Guarantee options There are guarantees available on certain PruFunds that allow you to secure the value of some or all of your investment or provide an income for life (at an additional cost). The option of a Capital Guarantee When you invest in certain PruFunds you have the option of a year guarantee. This means you can secure the value of some or all of your capital (you can choose how much you want to guarantee) at a date 10,11,12,13,14 or 15 years from when you choose the guarantee. The Capital Guarantee will ensure that the value of your guaranteed investment is no less than the guaranteed minimum fund value. If the value of your investment is below the guaranteed value then the value of your fund will be increased to the guaranteed amount. This provides a level of protection against market volatility and crashes. The option of a Minimum Income Guarantee It may be important to have a safety net of a guaranteed income that is paid for the rest of your life. You have the option to be paid at least a minimum amount of annual income from some or all of your investment for the rest of your life no matter how long you live (you don t have to take an income you can choose for the Minimum Income Guarantee to be reinvested). If the fund you are invested in performs well your income could go up, but crucially if it doesn t perform well your income will never drop below your guaranteed income amount. You have the flexibility to change your guarantees to suit your needs With both the Capital and the Minimum Income Guarantee options, you can guarantee different amounts at different times to suit your needs. For example, you could choose the Capital Guarantee on 50,000 for 10 years and then the following year you decide you want to guarantee a further 100,000 for 12 years after that date. You also have the option to cancel a guarantee at any time you choose or take out a new one at any point in the future subject to some restrictions. Please note, if you make a withdrawal from your Capital Guarantee, withdraw more than your Minimum Income Guarantee amount or switch some of the units invested in your guaranteed amount, your Capital or Minimum Income Guarantee would be reduced. If you withdraw or switch all of the units then the guarantee will end. For further information please see the Key Features Document. Prudential Retirement Account A Guide To Flexi-Access Drawdown 17
18 4. Leave money to your loved ones Another advantage is that any money left on your death can be passed to your loved ones free from Inheritance Tax. Furthermore, if you die before age 75 your money is passed on free from income tax after 75 the money is taxed at your beneficiaries normal rate of income tax. The diagram below shows how your money could benefit a number of generations, the options they have and the potential tax they may have to pay. This example is for illustrative purposes only. Alan dies at 73 with 200,000 left in his Flexi-Access Drawdown 200,000 is passed to his wife Susan Her children decide to take an income, so a Flexi-Access Drawdown is set up for each of them. As Susan died after 75 the withdrawals are subject to income tax. Both children die after ,000 is passed to her two children The remainder is passed to the children s children Susan decides to take an income from the amount left to her, so a Flexi-Access Drawdown is set up for her. As Alan died before 75 all of Susan s withdrawals are tax-free. Susan dies at age 85 with 100,000 left. Alan and Susan s grandchildren take the remainder as a lump sum. This is subject to income tax as their parents died after 75. Please note that if you would like a non-dependent (for example someone who is not a spouse or child under 23) to receive any income then you must include them on your expression of wish form. 18 Prudential Retirement Account A Guide To Flexi-Access Drawdown
19 Other benefits of The Prudential Retirement Account Withdraw money and continue to benefit from tax relief on pension contributions One of the most important benefits of paying into a pension is the tax relief received on personal contributions. You can continue to make pension contributions even if you have moved your money into Flexi-Access Drawdown. And, if you are under 75, you will continue to receive tax relief on these contributions. Please note we do not accept contributions from or on behalf of a client after age 75. If you do take an income from Flexi-Access Drawdown (over and above your tax-free amount), the amount that you can contribute to your pension each year and receive tax relief on is reduced. You can transfer-in existing Capped Drawdown plans If you have an existing Capped Drawdown plan with either Prudential or another insurance company, you have the option to transfer it into your Retirement Account and continue to withdraw a capped income. Access your savings before age 55 if you become ill If you become ill and can no longer work, you may be entitled to take your benefits at an earlier age. If you become terminally ill with less than 12 months to live, you could take your entire pension savings held in your Retirement Account as a lump sum. Your options remain open You do not know what will happen in the future, so it is good to know you have the flexibility to change your retirement products, including the option to buy an annuity or transfer to another provider in the future. You can monitor the progress of your Retirement Account at any time You can register for secure online access to our customer website MyPru. This allows you to see how much your Prudential Retirement Account is worth, what the growth has been, estimated retirement income levels and your options for taking income. Register for MyPru at Further information For further details on the Prudential Retirement Account please see the Key Features document or if there is anything you are unsure about please speak to your adviser. There is also an information service from the Government called Pension Wise, which offers free and impartial guidance on your retirement income options. To find out more visit or call Prudential Retirement Account A Guide To Flexi-Access Drawdown 19
20 The Prudential Assurance Company Limited (PACL) is registered in England and Wales. This name is also used by other companies within the Prudential Group. Registered Office at Laurence Pountney Hill, London, EC4R 0HH. Registered number Authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. RACB /2017
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