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Prudential personal pension - total confusion!

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  • xylophone
    xylophone Posts: 45,608 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    Pru have an in-house sales team that will do this but their charges are higher than a typical IFA.

    Or the OP could approach another pension provider offering flexible access and arrange a transfer?


  • wjr4
    wjr4 Posts: 1,306 Forumite
    Part of the Furniture 1,000 Posts Name Dropper Combo Breaker
    tacpot12 said:
    If you are not sure what to do, I woudl suggest that you give the Pru a call and ask if there is a Financial Adviser (FA) they can put you in touch with. I have a friend who was in an identical situation to yourself last year. He asked for an Adviser, and they put him in touch with a FA that worked with (but not for) the Pru. They can only advise on Pru products, but Pru have all the product you might need to take your pension in any way you want to do so.

    I met the FA with my friend and was very impressed with their professionalism, and with the reasonableness of their charges. They were not cheap but neither were they expensive, so if you have been happy with the Pru, using their FA will get you the advice you need and they will arrange for your pension to be paid exactly as you want it. You might get a bit better value going elsewhere, but there are also risks that need to be considered. 
    Why would you go to an in house sales team who can only use one provider rather than an IFA who may be able to get you more money for the rest of your life by using the open market option? 
    I am an Independent Financial Adviser (IFA). Any posts on here are for information and discussion purposes only and should not be seen as financial advice.
  • bouncydog1
    bouncydog1 Posts: 2,696 Forumite
    Part of the Furniture 1,000 Posts Combo Breaker
    Thank you all for your very helpful comments.  Today I’m going to look at all of my schemes.  The PRU one appears to have a good transfer value so thinking I’ll investigate moving that one into a plan that’s allowed where I live (non UK although in various UK scenes due to employment).   However I’ll need to get actuarial advice so will need to weigh up the costs!  Thanks again all - I’ll pop back if I have further questions.
  • tacpot12
    tacpot12 Posts: 9,253 Forumite
    Ninth Anniversary 1,000 Posts Name Dropper
    wjr4 said:
    tacpot12 said:
    If you are not sure what to do, I woudl suggest that you give the Pru a call and ask if there is a Financial Adviser (FA) they can put you in touch with. I have a friend who was in an identical situation to yourself last year. He asked for an Adviser, and they put him in touch with a FA that worked with (but not for) the Pru. They can only advise on Pru products, but Pru have all the product you might need to take your pension in any way you want to do so.

    I met the FA with my friend and was very impressed with their professionalism, and with the reasonableness of their charges. They were not cheap but neither were they expensive, so if you have been happy with the Pru, using their FA will get you the advice you need and they will arrange for your pension to be paid exactly as you want it. You might get a bit better value going elsewhere, but there are also risks that need to be considered. 
    Why would you go to an in house sales team who can only use one provider rather than an IFA who may be able to get you more money for the rest of your life by using the open market option? 
    My friend has some health problems and could not cope with the complexity of choosing and using IFA. “More money” is not an objective for them. Ease of accessing the service is a objective that they are happy to pay for.
    The comments I post are my personal opinion. While I try to check everything is correct before posting, I can and do make mistakes, so always try to check official information sources before relying on my posts.
  • Albermarle
    Albermarle Posts: 27,864 Forumite
    10,000 Posts Seventh Anniversary Name Dropper
    tacpot12 said:
    wjr4 said:
    tacpot12 said:
    If you are not sure what to do, I woudl suggest that you give the Pru a call and ask if there is a Financial Adviser (FA) they can put you in touch with. I have a friend who was in an identical situation to yourself last year. He asked for an Adviser, and they put him in touch with a FA that worked with (but not for) the Pru. They can only advise on Pru products, but Pru have all the product you might need to take your pension in any way you want to do so.

    I met the FA with my friend and was very impressed with their professionalism, and with the reasonableness of their charges. They were not cheap but neither were they expensive, so if you have been happy with the Pru, using their FA will get you the advice you need and they will arrange for your pension to be paid exactly as you want it. You might get a bit better value going elsewhere, but there are also risks that need to be considered. 
    Why would you go to an in house sales team who can only use one provider rather than an IFA who may be able to get you more money for the rest of your life by using the open market option? 
    My friend has some health problems and could not cope with the complexity of choosing and using IFA. “More money” is not an objective for them. Ease of accessing the service is a objective that they are happy to pay for.
    If ease of accessing services is the goal, I am not sure staying with the Pru is the solution. According to recent threads on here their customer service has been non existent, and they have been shelling out compensation due to all the complaints.
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