Flexible Retirement Plan
Helping you save for your retirement A guide to your Flexible Retirement Plan
Welcome
Thank you for asking Prudential about saving for your retirement.
Financial security has never been more important. You can choose where you save for your retirement but you want to know that your money is being well looked after. At Prudential we are committed to helping safeguard and promote the financial well-being of our customers, with a focus on saving for retirement and providing security in retirement. Sometimes it's hard to know who you can trust and where the best place is for your money. We take our responsibility of managing your money very seriously. We’ve been helping people to invest for over 165 years and currently manage money on behalf of approximately seven million customers in the UK. More than a million people get their pension from Prudential. We are rated AA by leading independent market analysts Standard and Poor’s (as at June 2014). This is one of the highest financial strength ratings currently given to any UK Life Assurance Company. Our aim is to make retirement planning as easy as possible with our Flexible Retirement Plan, which can adapt to your changing needs and can be used to provide income when the time comes to take your retirement benefits. We’re very proud of the range of investment options we offer, with choices that will suit different customers’ needs. We offer unique solutions for more cautious investors who want their money to grow, but with some protection from the extremes of stock market volatility. We also cater for more adventurous investors, who may be willing to risk some of their capital in pursuit of higher returns. The pension changes have raised awareness of pensions and retirement planning. These changes make retirement planning more attractive and aim to give you greater freedom and choice when you come to take your retirement benefits. Our Flexible Retirement Plan is a popular choice with customers. Please speak to your Financial Adviser to find out if it is right for you. We hope that we can be of service to you in helping you to invest wisely for your retirement.
SCOTTISH LIFE
02 A guide to your Flexible Retirement Plan
Contents
04
An overview 04
05
Getting started 05 07 08 09 10 12
13
The importance of saving for retirement How are you saving for retirement? The benefits of saving for retirement An introduction to the Flexible Retirement Plan Investment choices to suit your needs Setting up your Plan
Building up your retirement fund 13 14 16 17
18
Planning for your retirement
You only pay for what you use Rewarding you for saving for your retirement During the lifetime of your Plan As you approach retirement
Where to find more information
What would your dream retirement look like?
Lump sum contribution
Other contributions – Employer or other people
1 Starting to save for your retirement Regular payments
For regular payments, consider automatic increases each year
Consolidate other pension plans
Review retirement fund against target
Assess lump sum and income needs
2
3
Approaching retirement
Taking benefits Consider reducing investment risk
Review retirement income options
Consider phased retirement options
Regular reviews with your Adviser
A guide to your Flexible Retirement Plan 03
Planning for your retirement
Retirement can be one of the most enjoyable and fulfilling stages of your life. It could offer exciting new opportunities and the financial freedom to fulfil your dreams; if you have planned well enough in advance.
To ensure you achieve the lifestyle you want in retirement, the sooner you start to think about your retirement and start saving for retirement, the greater the chance your investment will have to grow. Planning for retirement is now more important than ever as State provision reduces and as life expectancy continues to increase, meaning that all of us will need to provide more retirement income ourselves which will need to last for longer.
Your pension savings in one place
Flexibility to suit changing needs
If you have any queries about the options available to you and their suitability, please speak to your Financial Adviser. A charge may be made for this service.
We know your circumstances are likely to change between now and retirement, so your Flexible Retirement Plan has been designed with the flexibility to help cope with most of life’s ups and downs. It gives you access to a range of flexible retirement and investment solutions to suit your changing needs and priorities. So, whether you are approaching retirement or some way off, this flexibility provides an easy transition from saving for retirement, through to approaching retirement and then taking an income.
You may also have pension funds with other providers or companies that you’ve worked for in the past. If you wish, we can help you transfer these funds to us, so you have all your pension savings in one place. Transferring pension funds is an important decision and your Financial Adviser can help you decide whether or not this is appropriate for your individual circumstances.
It is important that you read this brochure together with your Flexible Retirement Plan’s Key Features document and Fund Guide.
14% planning to retire have made no personal provision and will rely on State pension; but 29% say they have no worries or concerns and are really looking forward to their retirement. Source: Prudential: The Class of 2014 research
04 A guide to your Flexible Retirement Plan
The importance of saving for retirement
With the pressures of everyday life and the demands on your time, it can be hard to think about what your future income needs will be in retirement. However, planning now can make a huge difference and gives you more time to prepare, so you can enjoy your retirement.
The cost of delay The more you can pay into your pension now, the greater chance you’ll have of achieving the retirement you really want. A common mistake is to try and play catch up later on in life. Paying twice the amount over half the time could give you less in the future. This is because your money has less time available to benefit from potential investment growth. So the more money you pay in earlier, the greater its potential to grow – and you could end up better off. If you’re in a position to start, restart or increase your payments, why put it off?
The cost of delay
You can even set up your plan to have automatic increases in the amount you contribute each year, to help keep pace with inflation, by selecting this option on your application form or making a request in writing in the future. This is an example and your pension fund may not perform in the same way. We have assumed an annual growth rate of 5%, before the effects of inflation. For this example annual inflation has been assumed at 2.5%. This is an assumed growth rate and the fund you’re invested in could return more or less than this. The values include an annual management charge of 1.00%, which includes allowances for expenses, charges and other adjustments. Charges may vary and could be more in the future than they are now. This is not a reliable indicator of future performance. Just remember that this is an investment-based product, it is important to remember the value of your plan can go down as well as up, and you may get back less than you paid in.
£5,700 potentially missed out on Potential pension fund value
£28,300
£22,600
20 years x £100
10 years x £200
Based on contributions receiving basic rate tax relief and excluding Adviser charges.
A guide to your Flexible Retirement Plan 05
The importance of saving for retirement (continued)
The effect of inflation Your income in retirement will need to keep pace with inflation. Consumer Price Index (CPI), a measure of inflation stood at 0.3% for the year in January 2015. Some things you buy may experience higher inflation – including things you may need more of during retirement. So while any investments you have in cash savings will help, you need to ensure they are an effective way to save for the long term. This table shows the effect of inflation on the real value of £10,000 over time.
2.5% Annual Inflation
Today
After 5 years
10 years
15 years
20 years
£10,000
£8,839
£7,812
£6,905
£6,103
Retirement could last longer than you imagine More of us are staying healthier and living longer. So there is a good chance that your retirement could last a long time. In fact, almost 85,000 people aged 65 in 2013 are expected to celebrate their 100th birthday in 2048 so you need to ensure your pensions savings can last for your whole life.
Average Life Expectancy
Average life expectancy
95
85
34 years
24 years
31 (age 89) years
21 (age 89) years
(age 86)
(age 86)
75
15 years
13 years (age 90)
(age 88)
65
55 55
65 Age today
Source: Office for National Statistics 2015, based on data for the years 2011-13.
06 A guide to your Flexible Retirement Plan
75
■ Females ■ Males
How are you saving for retirement? Pensions
It is important to plan where your income will come from when you retire, and here are some options and considerations:
Retirement Cash savings
Relying on the State Pension?
Property
Other investments (savings, shares)
As the maximum basic State Pension for an individual is less than £17 a day, in tax year 2015/16, maintaining your current lifestyle could be a lot harder than you imagine. The Government proposals are that the State Pension will pay out a flat rate of £148.40 per week from April 2016 – which is just over £7,700 a year. Will this be enough to give you the retirement you deserve?
Property Some people see their property, or any additional properties, as a key source of income in retirement. However, there are risks in relying on property as the main income. As with many investments, the value of Property may go down as well as up and there is also the risk that it may be very difficult to sell when you need to generate your income.
Other investments and cash savings The value of investments can go down as well as up. Cash savings may not be able to keep up with the effect of inflation. Will your savings and investments be able to provide the income you need throughout your retirement? More people are now continuing to work into their early years of retirement – many do this out of financial need, although some choose to remain working to remain more active and maintain their social network. Either way, you’ll need to ensure you have the means to provide an income that matches your expectations throughout retirement, giving you more control over when you stop working. Saving into a pension plan can be a very beneficial way to help you achieve that.
The State Pension accounted for 35% of the average retirement income. Source: Prudential – Class of 2014 Research
A guide to your Flexible Retirement Plan 07
The benefits of saving for retirement
An important consideration when saving for retirement is how to make your money work best for you. A pension is one of the most tax efficient ways to save for your retirement.
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If you are a basic rate tax payer, you’ll automatically benefit from a 20% boost from the taxman as you start contributing. So, for every £100 you pay in you’ll end up with £125 in your pension fund. You will only receive tax relief on pension contributions up to 100% of your earnings.
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If you are a higher or additional rate tax payer, you can benefit from claiming back even more tax relief from HM Revenue & Customs (HMRC). You’ll need to do this through your selfassessment tax return.
You can usually access your pension from age 55, but leaving it until later will give your pension fund more time to grow. The new regulations allow added flexibility in how you draw your pension savings. There will be four main options which may be used in combination:
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Take cash lump sums from your pension savings – known as “Uncrystallised Funds Pension Lump Sum” (UFPLS).
Don’t forget that you can use more than one option to deliver the income you want for your retirement. The Money Purchase Annual Allowance (MPAA) may apply to you if you take income from flexiaccess drawdown or a cash lump sum (Uncrystallised Funds Pension Lump Sum). This means that you will have flexibly accessed your benefits and will have a £10,000 annual allowance (from 6 April 2015 onwards) for your money purchase pension savings. If in any tax year the total contributions to money purchase arrangements exceeds £10,000, there will be an annual allowance tax charge on the excess and your annual allowance for contributions to any other defined benefit pensions, such as final salary or career average pension schemes, will be reduced by £10,000. Whatever you can afford to contribute could make a big difference. This tax information is based on our understanding of current taxation, legislation and HMRC practice (at February 2015). These may change without notice and will depend on your individual circumstances. You can get more tax information from the HMRC website at www.hmrc.gov.uk – alternatively, you may wish to speak to your Financial Adviser.
Or you can provide income using:
> >
Flexi-access drawdown – which will allow you to take an unlimited amount of income or lump sums from a pension fund.
Example based on basic rate tax payer
An asset backed annuity – which pays a regular income for life.
–
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Are you missing out on pension tax relief?
In our Income Choice Annuity, your income has the opportunity to grow, by being linked to the performance of the Prudential With-Profits Fund, although it is possible that in some years the income may go down. At the same time, we guarantee not to pay you less than a certain amount of income (the “Secure Level”), no matter how our fund performs. You usually have the added flexibility of being able to select an income from within a range that we offer you.
A pension annuity – an investment that guarantees to pay a secure income for the rest of your life, regardless of how long you live.
08 A guide to your Flexible Retirement Plan
Tax relief £25 £125 into your pension pot
Actual cost to you £100
Any growth on your pension pot will be largely tax-free
Minimum 75% of pension taxed as income
up to 25% tax-free to spend as you choose Your pension benefits
An introduction to the Flexible Retirement Plan
At a glance For more detailed information about what our pension plan can offer, please see the document “Key Features of the Prudential Flexible Retirement Plan”. An end to end retirement planning solution
The plan allows you to have your pension savings in one place, continue saving towards retirement and then from age 55, to provide income in retirement through the drawdown option, take a lump sum as an Uncrystallised Funds Pension Lump Sum (UFPLS) or you can use your retirement fund to buy an annuity.
Tax efficient savings
As with most pension savings plans, your contributions into the Flexible Retirement Plan will receive tax relief, within Government limits. Then, when you take your pension benefits, you’ll usually be able to take up to 25% of your benefits as a tax-free lump sum.
Extensive choice of investment funds
You can choose from a range of over 100 funds, which cater for all attitudes to risk; including our multiasset funds managed by Prudential’s Portfolio Management Group and externally managed funds in our PruSelect range. You can select up to 20 funds at any one time.
Guarantees
The With-Profits Fund offers some guarantees on your investments. We offer a selection of investment guarantee terms on our PruFund Protected Funds. Each guarantee term has its own charge, which is payable for the whole of the selected term. There are restrictions on the availability of these guarantees – please see the “Key Features of the Prudential Flexible Retirement Plan” for more information.
Flexibility to switch funds
As your circumstances and needs can change over time, we allow you to move (switch) your investment between funds at any time, free of charge.
Self Invested Personal Pension (SIPP) options
We also offer broader investment choices including Self Invested Personal Pensions options (via Funds SIPP using CoFunds, and SIPP investment options via Suffolk Life).
Only pay for what you use
Our product charges reflect the features you use and the investment you require at any time during the lifetime of your plan (for example, you will only pay for SIPP options if and when you use these features).
Control over your contribution levels
You can make single contributions or adjust, stop or start regular contributions at any time.
Discounts to reward both fund size and loyalty
The longer you remain invested in the Flexible Retirement Plan and the higher the value of your investments, the lower your Annual Management Charge could be.
Option to move into drawdown
As you get closer to retirement, you might want to take a lump sum from your fund through UFPLS or commence taking an income, while leaving part of your investment to grow. With the Flexible Retirement Plan you can move into drawdown to provide an income from age 55.
Security for your loved ones
If in the unfortunate event that you die before you start taking your benefits, we'll normally pay the money in your Flexible Retirement Plan as a lump sum to your nominated beneficiary. You can nominate your beneficiaries in the application form or write to us to change your nominated beneficiaries.
A guide to your Flexible Retirement Plan 09
Investment choices to suit your needs
Your pension fund will be invested in the funds you choose – to provide potential for growth. In our Fund Guide, each fund is given a risk rating so you can decide with your Financial Adviser which type of fund is suitable for your remaining investment – to provide growth for future retirement income. Choosing which funds to invest in can be difficult. That’s why we’ve designed our Flexible Retirement Plan range of investment funds in a way that helps you understand which options might best suit your individual needs. By putting your money into chosen funds, and keeping your money with us over the medium to longer term, your money has the potential for growth. However, it’s worth remembering as with many investments, the value of your Plan may go down as well as up.
Prudential Multi-Asset Funds Our range of globally diversified Multi-Asset funds are managed by Prudential Portfolio Management Group (PMG), a team of over 30 members, which largely comprises economists, investment strategists, analysts and mathematicians who are specialists in different areas of the investment world. These funds aim to reduce volatility through diversification. These funds work by investing in many different assets, such as company shares, fixed interest bonds, cash and property – from both the UK and abroad. Our fund managers focus on delivering steady fund performance over the medium to long-term. In addition, the PruFund range and With-Profits Fund use "smoothing mechanisms" to smooth some of the extreme ups and downs of short-term investment performance. For more information about the With-Profits Fund, please see “Your With-Profits Plan – a guide to how we manage the Fund (Prudential Unitised With-Profits Plans and Cash Accumulation Plans)”. For more information about the PruFund Range of Funds, please see “Your With-Profits Plan – a Guide to how we manage the Fund” (PruFund range of funds).
PruSelect Our PruSelect range are externally managed funds independently selected by Morningstar OBSR covering many investment styles and catering for different risk levels.
Dynamic Portfolios Our five Dynamic Portfolios are each designed to match different attitudes to risk. This is achieved by investing in a mixture of funds that together will best meet the investment objectives for that Dynamic Portfolio. These funds benefit from ongoing active management, to ensure the asset mix and fund mix meet the risk objective for the selected portfolio. 10 A guide to your Flexible Retirement Plan
Self Invested Personal Pension For customers who want more direct control and to actively manage all or part of their investment we also offer a Self Invested Personal Pension (SIPP). A SIPP allows you to include a wider choice of direct investments, such as stocks, shares and commercial property. We currently offer two different SIPP options within our Flexible Retirement Plan: Full SIPP option – offers an extensive range of investment options with the ability to invest directly into commercial property, stocks, shares, unit trusts, Open-Ended Investment Companies (OEICs) and over 1,500 funds from the Cofunds range. Funds SIPP option – this is a lower cost SIPP option. You can select up to 20 funds from a choice of around 1,500 funds within the Cofunds range. The SIPP options are accessed through the Self-Invested Fund (SIF), which can be switched on or off at any time. One SIF account is held for all your plans within the Flexible Retirement Plan. SIPP options cost you extra to use, so you should check the full list of SIF fees before selecting a SIPP investment. If you would like more information about SIPP, please ask your Adviser for a copy of:
>
SIPP – Allowable investments (FRPM10011)
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SIPP fees and charges (FRPM10017)
For the full range of investment choices, please see our Fund Guide.
23% of higher-rate taxpayers who do contribute to a pension are unsure whether they reclaim the pensions tax relief they are entitled to.
Source: Prudential 2015
A guide to your Flexible Retirement Plan 11
Setting up your plan
There is a lot to think about when you first set up your plan. Some of the main considerations which you should consider may include when you want to retire, how much income you need, how much you may need to save to provide for that retirement lifestyle? To help your discussions with your Financial Adviser, think about:
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How much can I afford to save now (both in regular contributions or one-off payments)?
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How much investment risk am I willing to take?
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Do I want the added security of investment guarantees?
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How much income will I need in retirement?
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How much do I have in any other pension funds?
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What other income or savings have I got which I can use for my retirement?
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How much flexibility will I need from my pension plan? E.g. Investment choices, ability to increase/stop or restart contributions etc.
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Will I be able to afford to invest more in the future?
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Who else depends on me financially – and what happens to my pension fund if I die?
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How do I plan to retire? Gradual reduction of working hours may require phased retirement where some of the fund is used to provide retirement benefits, leaving the remaining fund to grow.
Now
Other sources of retirement income
Retirement planning needs
17% of clients retiring will have debts outstanding, averaging £24,800 each. Source: Prudential – Class of 2014 Research 12 A guide to your Flexible Retirement Plan
You only pay for what you use
We have designed Flexible Retirement Plan to ensure that any charges you pay are transparent and easy to understand. As each customer has different needs, under FRP you only pay for the level of investment service you choose. And you can change this at any time. For example, if you select a Self Invested Personal Pension (SIPP) option, you will have to pay additional fees. But if you don’t use a SIPP option, you’ll only pay the appropriate Annual Management Charge for your selected funds. The Annual Management Charge (AMC) is the amount we deduct to cover the cost of managing your investment. The fund, or funds, that you choose will determine how much we deduct. You can see a full list of funds and the associated AMCs in the Fund Guide.
You only pay for what you use
Multi-asset funds Each fund selected will have an Annual Management Charge which is listed in the Fund Guide. External funds
Funds SIPP
Establishment fee £150 Administration fee £200 per year
SIPP
Establishment fee £300 Administration fee £425 per year
You can move between investment funds, including the SIPP options, at any time. And unlike some product wrappers, that offer you this level of flexibility and choice all within one product, we don’t charge an additional wrapper fee. SIPP options cost you extra to use, so you should check the full list of fees before selecting a SIPP investment.
A guide to your Flexible Retirement Plan 13
Rewarding you for saving for your retirement
With Flexible Retirement Plan you are rewarded for saving for your retirement. We apply discounts to the Annual Management Charges (AMC) for both loyalty and the size of your investment. So the longer you leave your money with us and the bigger your fund grows, the lower the charges might be. When determining the fund size discount we include the value of all of your Prudential FRPs, excluding any Self-Invested Fund (SIF) value. The tables below show how each of these discounts are applied.
Period of continuous investment in FRP
AMC Discount
Under 5 years
No discount
5 years – 9.99 years
0.05%
10 years – 14.99 years
0.10%
15 years – 19.99 years
0.20%
20 years +
0.25%
Fund Value (excluding SIF fund)
AMC Discount
£0 – £24,999
No discount
£25,000 – £49,999
0.10%
£50,000 – £99,999
0.20%
£100,000 – £249,999
0.25%
£250,000 +
0.30%
Loyalty Discount
Fund Size Discount
You benefit from both the loyalty discount and the fund size discount at the same time. For example, if you remain invested for 10 years (0.10% loyalty discount) and your fund value grows to over £100,000 (0.25% fund size discount) you could get a combined discount of 0.35%. The biggest discount you can achieve is 0.55%.
14 A guide to your Flexible Retirement Plan
Case Study – Annual Management Charge discounts Example Jane started her plan 6 years ago and she now has a pension fund value of £70,000. Her overall discount is therefore 0.25%, which is made up of a 0.05% loyalty discount, plus a 0.2% fund size discount. So if Jane had invested in a fund with an Annual Management Charge of 1.45%, she will actually only pay 1.2%. If she also chose to transfer a pension fund of £50,000 from other pension savings into her Flexible Retirement Plan she would earn an additional 0.05% discount on the entire fund.
Jane’s Loyalty Discount
Jane’s Fund Size Discount
Jane’s continuous investment in FRP
AMC Discount
Under 5 years
No discount
5 years – 9.99 years
0.05%
10 years – 14.99 years
0.10%
15 years – 19.99 years
0.20%
20 years +
0.25%
Jane’s Fund Value (excluding SIF fund)
AMC Discount
£0 – £24,999
No discount
£25,000 – £49,999
0.10%
£50,000 – £99,999
0.20%
£100,000 – £249,999
0.25%
£250,000 +
0.30%
Annual Savings (£)
£35
Annual Savings (£)
£140
Total annual saving £175
39% planning to retire are helping their families financially. Source: Prudential – Class of 2014 Research
A guide to your Flexible Retirement Plan 15
During the lifetime of your Plan
After you have set up your plan, you may find your circumstances begin to change, so there will continue to be important decisions to make while you save for retirement.
Staying in control of your investment You might find you are able to pay more in – either by increasing any regular premiums (for example, due to a pay rise or bonus), or perhaps make a single premium due to a bonus or other one-off payout. Likewise, you might find you need to temporarily reduce or stop your payments, due to affordability. With your Flexible Retirement Plan, you can choose how much and how often you pay in contributions – within government limits. You can stop, start, reduce or increase your contributions at any time. You can even opt to have your contributions automatically increased each year to help keep pace with inflation. Remember, putting this decision off could cost you in the long run.
Free fund switches
Making the most of tax benefits
As retirement approaches, you might want to start investing in other funds that have different objectives or levels of risk exposure. You may even want to switch your existing investments into different funds. With Flexible Retirement Plan, you can do either of these at any time, free of charge. You can select up to 20 funds at any one time.
The government restricts how much you can pay into your pension without incurring a tax charge, by setting an Annual Allowance each year. However, you may be able to “carry forward” any unused allowances from the previous three years, to help maximise the amount of tax free savings you can make into your pension. You should discuss this with your Financial Adviser, to see whether this “carry forward” option is applicable to you.
Keeping track of your savings To help you keep track of your investment, we will send you an annual statement, so you can review and discuss your retirement planning with your Financial Adviser.
16 A guide to your Flexible Retirement Plan
As you approach retirement
As you get closer to retirement, you will need to think about your retirement income needs. You may find that you want to carry on working and use your retirement fund to provide any income shortfall. To help your discussions with your Financial Adviser, think about:
Getting ready for retirement
Starting to take retirement benefits
➜
➜
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Do you still intend to retire at the age you first selected when you started the plan?
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Have your selected investment funds performed as you had expected? – Do you need to invest more? Can you invest more?
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Is now the time to consider potentially switching into lower risk funds?
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How have your circumstances and retirement income needs changed?
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What other sources of retirement income do you have, if any?
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Do you have other pension plans to consolidate into your Prudential Flexible Retirement Plan to gain bigger Annual Management Charge discounts and make it easier to manage?
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What choices do you have for taking a retirement income?
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Do you want any guaranteed income – perhaps from an annuity?
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What other income do you have?
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How can you manage retirement income tax efficiently?
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Do you have any planned large expenses which need to be met from your retirement fund?
23% planning to retire, don’t feel ready to stop work yet. Source: Prudential – Class of 2014 Research
A guide to your Flexible Retirement Plan 17
Where to find more information
The Key Features document and Fund Guide for your Flexible Retirement Plan are both good points of reference for further information. We recommend that you also speak to your Financial Adviser if you do need any further information.
Keeping track of your pension We’ll send you a statement each year, so you can keep track of your savings. You can also request an up-to-date valuation by calling our Customer Services Department.
If you need to contact us, you can: > Call us: 0845 640 3000 (lines are open 9.00am to 6.00pm, Monday to Friday). > Mail us: Prudential, Lancing BN15 8GB > Visit us: www.pru.co.uk/frp
External sources of help The Pensions Advisory Service Tel: 0300 123 1047 (lines are open 9.00am to 5.00pm, Monday to Friday) www.pensionsadvisoryservice.org.uk
Lost track of any pensions? The Pension Tracing Service can help you trace any pensions you may have forgotten. Tel: 0845 6002 537 (lines are open 8.00am to 6.00pm, Monday to Friday)
18 A guide to your Flexible Retirement Plan
A guide to your Flexible Retirement Plan 09
"Prudential" is a trading name of The Prudential Assurance Company Limited, which 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 15454. Authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority.
FRPM10381 03/2015
www.pru.co.uk/pensions
