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New options aim to add to clarity of Prudence

Prudential is offering several new options on its Prudence bond in a move it says will help bring greater flexibility and clarity to with-profits bonds.

The options include no initial charges, a minimum 100 per cent allocation rate and an annual bonus for investors who do not make withdrawals.

The no initial charge option means investors pay no front-end charge or establishment charge. With-profits investors who make no withdrawals in a policy year will benefit from Pru&#39s annual growth reward, meaning an additional 0.25 per cent will be added to their fund annually from the end of their second year.

Funds available to inv-estors include the optimum return fund, which aims to maximise growth over the medium to long term by focusing on equities, and the optimum bonus fund, which places a greater emphasis on fixed-interest securities and cash. Minimum investment is £6,000, or £5,000 if investing in Pru&#39s unit-linked funds, with top-ups of £1,000 allowed. Investors can make two free switches each year.

Investment market strategy manager Campbell Boyd says: “This new product will build on the success achieved to date and will ensure IFAs have the opportunity to maintain long-term mutually beneficial relationships with their customers.”


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Changes to early exit pension charges

In November last year, the FCA announced that from 31 March 2017, early exit pension charges will be capped at 1% for those customers who are eligible to access their retirement savings from age of 55. The rules also state that for new personal pension plans started after that date, or on new increments into […]


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