Pru stakeholder pension accepts insistent clients where they already have a policy

Marcon

Application form (it's a retail product, so you can apply direct) https://www.pru.co.uk/pdf/SHPF0342.pdf
Key features document: https://www.pru.co.uk/pdf/SHPK0337.pdf

See p.5 of Key Features Document re transfers in and p.7 and 8 re options for taking benefits

Edit: apologies. Thanks to a prompt from Dunstonh, I found that despite the forms being dated 08/21 the Pru is not open to new stakeholder business, but will accept DB transfers where someone already has a Pru stakeholder; they would need to know whether someone has received advice from an adviser.

I guess like so many things in life, it's a case of checking before you even start down the primrose path, to ensure that it will lead where you hope it will!

Marcon

In response to a couple of PMs I've received - if the scheme from which you are transferring:

• has 'safeguarded benefits' (e.g. a DB scheme, or a DC scheme with 'promises' such as a Guaranteed Annuity Rate); and
• your transfer value is at least £30,000

you will need to demonstrate to your scheme that you've received regulated advice before they can release the transfer value. The scheme doesn't need to see the advice or know what it says, just that you've been through the appropriate process and the adviser confirms this is the case.

Dale72

Good news, but wonder how long it will last?

JoeCrystal

As soon they see a suspiciously high increase in selling Stakeholder scheme, does anyone wants to place a bet on how long it will last? Maybe by the end of March 

xylophone

https://forums.moneysavingexpert.com/discussion/comment/78653298/#Comment_78653298

dunstonh

The application form is dated August 2021.  However, they are not reporting the product as being available via the usual research data sites.     You could question why they would update the form if it's not available.   However, it is also possible that no-one withdrew the old form and the stationary people just updated it.   All Pru forms we were redone dated August 2021 to reflect their new branding.

There appears to be no links on their website suggesting the stakeholder pension is open to new customers.

Have they confirmed it is open and that they will accept DB transfers? - as per the other stakeholder providers, the block isn't at the product level but at the agency/intermediary level.  i.e. their own in-house staff are classed as intermediaries and don't hold the permissions to transact DB transfers in.

JoeCrystal

Especially someone who didn't proofread the forms. I can see spelling/grammar errors already. I could give a form a go with a £20 and see what happens! 

DeadlyD

HI, I got lost on different threads but will feedback on this one now.. thanks @Macron
@xylophone had a couple of questions for me on the last thread, which was regarding my circumstance and to leave the DB pension where it was, drawdown on the SIPP and use the 25% of the SIPP towards the mortgage payment which allows me to consider alternative less stressful occupations part-time. Its all a conundrum isn't it. Sounds easy in theory but not always practical. As my OH is 12years younger and we will have more combined wealth by the time he retires, I really want to have the freedom of investing my DB myself, particularly when all my peers have done so and enjoying the benefits now. There are always alternatives and thanks for taking the time to consider my situation. However, I do know it is better for me financially to have my DB at 55yrs in a lump sum to re-invest that it is to have a small income for ever, still, it is thought provoking all the same. 
Would you be able to tell me what MPAA is (guessing its the max % one can contribute into a pension scheme which I pay in approx £5k at the moment into the workplace) 
Thanks! 

eskbanker

DeadlyD said:

Would you be able to tell me what MPAA is (guessing its the max % one can contribute into a pension scheme which I pay in approx £5k at the moment into the workplace) 

https://www.moneyhelper.org.uk/en/pensions-and-retirement/tax-and-pensions/money-purchase-annual-allowance-mpaa

xylophone

With regard to the MPAA, remember that taking a  DB scheme pension (lump sum and income) does not trigger the MPAA.

Taking just the PCLS from a DC pension does not trigger the MPAA but taking anything over and above it (income) does.

xylophone

the block isn't at the product level but at the agency/intermediary level.  i.e. their own in-house staff are classed as intermediaries and don't hold the permissions to transact DB transfers in.

 As I mentioned in previous discussions on this theme,  I still wonder why the providers are not protected by the legislation that states that  a stakeholder pension must accept transfers from other registered pension schemes.