Moving pension, reached retirement age

alanm61

Hi, I have turned 55 and am entitled to a private pension which was with Prudential, I live in Spain, I dont want to take my pension yet and I want to leave it invested in the UK, I was going to move it to a SIPP but have found out I cant because Im not UK resident, where is the best place I can move my pension, I want something similar to a SIPP for flexibility and to allow it to grow. Thanks in advance Alan M

xylophone

Is there any reason why it can't stay with the Pru?

dunstonh

Why do you need to move the pension? Pru will quite happily let you leave it with them without a decision until age 75.

I want something similar to a SIPP for flexibility and to allow it to grow.

What flexibility?

mark5

My dad had a pension with the Pru from the 80's, he only paid in to it for about 7 or 8 years but the income from it compared to what he paid in is staggering.

I would look carefully at what it's worth before transferring it.

Every investment he made with the Pru seemed to pay off, why have they more or less disappeared dunstonh,?

As a kid I remember the Pru agent knocking lots of doors collecting money each month.

dunstonh

Every investment he made with the Pru seemed to pay off, why have they more or less disappeared dunstonh,?

Pru are one of the few With Profit providers that have been very successful. I have a number of "legacy" Pru products with clients that I have left in place as they do the job perfectly fine. Especially some of the 80s ones. Although a number of the pre dot.com crash versions are also still in place.

The modern versions are less attractive today as unbundling of charges and increased solvency requirements have led to the protections being priced in addition to the standard product. Guarantees are more expensive today then they used to be. In the environment of lower returns, having to pay an additional 1% a year on a cautious investment means you are not likely to see much growth. The old plans didnt pay that as the cost of guarantees back then was minimal or non-existent (the insurers are paying for it on old plans).

Whilst I have kept a number of old Pru plans in place, I have just transferred two Pru pensions in the last few days as they could be improved upon. Each plan needs to be viewed individually and not by provider name.