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Pru with profits pension matured - anyone
Comments
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One other thing which concerned me was if I did not take my pension with the pru such as an annuity. Would they penalise me by dropping the final fund value since they are not getting my business. According to the two last posts this appears not to happen. P.s. sorry if some words seem misspelled in my post above. I really should have checked before posting. Again thanks for all the replies. It is so much appreciated.0
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One other thing which concerned me was if I did not take my pension with the pru such as an annuity. Would they penalise me by dropping the final fund value since they are not getting my business.
If there is GMP and the fund is insufficient to meet the GMP, then Pru have to meet it. However, other providers would not.I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.0 -
Sorry for confusion Dunston
I have two pensions currently running with the Pru.
The first started in 1992 and is a with profits pension. It has no guaranteed annuity rates or anything. Fund currently at 92k.
This is the one I was concerned about should I decide to transfer out in the future. Would Pru penalise me for leaving by dropping the fund value? This matures in five years at age sixty.
The second pension with them matures at age 65. I transfered pension cash from my company which I had taken voluntary redundency from. It was a section 32 buyout. This is the one with a guaranteed min pension of 6850. As u point out they have to honour this even if the funds are not sufficient. My only point on this one was the redress value due to being given poor advice to transfer out. This sits at 40k and I was told it would NOT be used to acieve the GMP. It would instead byy additional pension.
Thanks for the responses above though. It's appreciated greatly.0 -
Re. Contract no 1: There's no penalty for not carrying on with the Pru. The value of the policy will be unchanged.0
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