View more on these topics

Pru launches single retirement account for savings and income


Prudential is launching a single retirement planning account which customers can use for both accumulation and income withdrawals at the same time.

The Retirement Account will be launched on 26 September and will be offered on an advised basis.

The account will include a pension savings account and pension income account, which allows for withdrawals from age 55.

Customer can pay extra to guarantee their capital or to secure minimum income levels, though this option is only available to savers who invest through the PruFund range.

The minimum income guarantee will continue to be paid out in the event the value of the fund falls to zero.

Charges range from 0.25 per cent to 0.65 per cent depending on the amount invested, plus the cost of any guarantees.

Prudential distribution chief executive John Warbuton says: “Significant steps have been taken to banish the rigid pension savings framework that previously existed and, with the introduction of the Retirement Account, we have created a fully flexible way for customers to save for and secure an income in retirement.

“Having first reworked our existing products to facilitate certain aspects of pension freedom, today we have gone further by creating a comprehensive retirement plan which gives savers all the flexibility and freedom they need to prepare for and then securely enjoy their retirement.”



Steve Bee: Can the state pension deliver what’s needed?

I have always thought the old-age pension, as it used to be called, was a good idea. The idea was it should provide working people with a bedrock on which to build their lifetime savings. There is, though, clearly a danger in providing a basic pension for all in that it has to be sufficient to […]


Advisers back pensions dashboard to boost client service

Advisers have welcomed progress on the pensions dashboard and expect the technology will improve the service they give to clients. The Treasury announced this week that a model pensions dashboard would be released by March 2017. The dashboard was recommended as part of the Financial Advice Market Review. The idea behind the pensions dashboard is to […]


News and expert analysis straight to your inbox

Sign up


There are 2 comments at the moment, we would love to hear your opinion too.

  1. Pru launch further expensive product with income guarantees worse than peers and lousy service to back it up. No thanks!

Leave a comment


Why register with Money Marketing ?

Providing trusted insight for professional advisers.  Since 1985 Money Marketing has helped promote and analyse the financial adviser community in the UK and continues to be the trusted industry brand for independent insight and advice.

News & analysis delivered directly to your inbox
Register today to receive our range of news alerts including daily and weekly briefings

Money Marketing Events
Be the first to hear about our industry leading conferences, awards, roundtables and more.

Research and insight
Take part in and see the results of Money Marketing's flagship investigations into industry trends.

Have your say
Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

Register now

Having problems?

Contact us on +44 (0)20 7292 3712

Lines are open Monday to Friday 9:00am -5.00pm