Personal pension question 🤔

Farside71

Pru has two relatively modern pensions, the retirement account which they currently sell and the flexible retirement plan which preceded retirement account, and which is actually two plans as when the holder wants to move to drawdown they will close/move the accumulation plan and create the second drawdown plan.  Everything else is basically their older legacy products which don't support any drawdown and are very limited in any ufpls capability. As mentioned above they would engage an advisor to move you from a legacy pension to the retirement account and service is really bad within Prudential at the moment, particularly for their legacy business,  but an advisor would deal with that aspect for an internal transfer.

Albermarle

MASUK1010 said:

dunstonh said:

 If I take it when it matures the MVR isn't applicable but how do I go about moving the money without incurring any other fees

You transfer the pension when no MVR is being applied.

 Pru have merged with M&G Wealth, that would be the easy option but there reviews aren't great and yes they want to charge for advice!

Actually, it was a demerger rather than a merger.   M&G and the UK arm of Pru was demerged from Pru plc back in 2019.    

Using Pru and M&G is not an easy option.  Pru still have to transfer the plan and go through the process even though it is in-house.   So, if you are going to go through the process, you may as well look at the bigger picture.

Thanks for that. So wait until it matures then transfer the pot in full and then take the 25% etc as and when needed. Do you know if the Pru have transfer fees?

You should not have to wait until it matures, if there is no MVR currently in place.
If there is a MVR in place then it would be better to leave until it matures as at that point any MVR will not be applied.
I have no idea if there will be transfer fees, most companies have stopped charging them . Also some pension providers will pay any fees for you if you transfer to them . For example.
Pension Transfer | SIPP Transfer | Transfer Pension to SIPP (fidelity.co.uk)