Prudential Pension Plan Faqs
- Make regular contributions or lump sum payments to the scheme. Remember there is no upper limit as to how much you may contribute to the scheme
- Money is invested, in shares and other interest earning assets by fund managers.
- When you decide to retire, you can withdraw all of the money as a lump sum, free of income tax, or part of it, to buy an annuity that is a guaranteed pension income for life.
- The only charge is an administration fee of 3% p.a.
- How do I save in Prudential Personal Plan?
Yes, Additional Voluntary Contributions (AVC's) is where a member of an employer's pension scheme chooses to boost their retirement benefits by making additional payments into Prudential Personal Pension Plan.
- Can I contribute to both Prudential Personal Plan and the scheme with my employer at the same time?
Tax Advantages- Like employer pensions, Prudential Personal Pension Plan enjoys tax benefits up to the highest rate of income tax on your basic pay. In addition, gains within the pension fund are free of tax. The money you invest in Prudential Personal Pension Plan is free of income tax, i.e. the law allows you to make tax deductible contributions into the scheme.
- What are the benefits?
Prudential Personal Pension Plan is registered and regulated by the Retirement Benefits Authority (RBA) and is authorized under income tax. Barclays Security Services ltd is the custodian. They provide safe keeping of the pension funds and investments on behalf of the group fund.
- How safe is my investment?
Access to retirement savings is regulated under Income Tax act and Retirement Benefit Act. You may access your pension savings upon attainment of the retirement age or on early retirement at the age of 50 years.
- How can I access my pension savings?
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