Missing with profits pension

Cuddycarter

Hi, way back in 1987 I took out a personal pension with the pru. It was a cash fund with profits, but according to the pru I don’t have the with profits bit anymore. I’m really confused as to why this has disappeared. The only thing I have noticed is that the original pension has a different account number to the one I have now. As anyone else had this happen to them?

Marcon

Cuddycarter said:

Hi, way back in 1987 I took out a personal pension with the pru. It was a cash fund with profits, but according to the pru I don’t have the with profits bit anymore. I’m really confused as to why this has disappeared. The only thing I have noticed is that the original pension has a different account number to the one I have now. As anyone else had this happen to them?

Personal pensions weren't available until 1988.

Could this be a retirement annuity contract, or possibly another product altogether?

Cuddycarter

Sorry about that  My pension started in August 1988  

xylophone

My pension started in August 1988  

https://www.prudentialplc.com/~/media/Files/P/Prudential-V3/reports/historical-reports/1986-1999/ar1987/ar1987.pdf

See Page 12 

Prudential has about a quarter of  the UK market for non-linked personal pensions.........the new pensions arrangements which come into effect in July 1988 present us with a unique opportunity to persuade those who are not in company pension schemes of the benefits of s a personal pensions policy.

With this in view we are bringing a major new computer system into operation and have restyled our existing non linked personal pensions contract to facilitate amendment in July 1988 to meet the requirements of the new legislation.

Explaining the benefits of a personal pensions contract to customers who are faced with deciding whether or not to contract out of the State Earnings Related Pension Scheme takes more time than dealing with conventional business.

 We therefore started our campaign to identify and make preliminary contact with potential customers during 1987. When the new legislation comes into operation in the middle of 1988, we shall make contact again and confirm our customers needs.


Clearly you were among the earliest of   the "called and the chosen..."


You have the original policy document from 1988? This shows the account/policy number? Was the "with profits" element over a

set period of time?

What exactly does it say about participation in profits?

When exactly did the policy/account number change?

Cuddycarter

I originally had a scheme number and a benefit number. The scheme number no longer appears on statements and the benefit number is now my plan number with UL added to the front of it.

Cuddycarter

I also received this about three weeks ago, to make things more confusing. Thanks for your help. 

xylophone

I wonder did the scheme number cease to be relevant when contracting out ended for personal pensions in 2012?

Your pension will no longer be receiving the "Pension benefit deriving from DHSS premiums".

"Protected Rights" are no more.

https://www.financialadvice.net/protected_rights_pension/zone/378


Does the UL just mean "unit linked"?

Cuddycarter

i unfortunately don’t know when my plan number changed as I don’t have all the statements and the website only shows statements from 2018 onwards. I do have an old quotation with some information on and a planned retirement age of 55. 😂 I wish 

dunstonh

Clearly you were among the earliest of   the "called and the chosen..." 

Everybody and their dog was out in 1987/88 to get people signed up for contracting out. There were extra bonuses from the Government to do so.

It was a cash fund with profits

That isn't two funds.   It was just the original long name that was dropped years ago to just "With Profits".

xylophone

• https://www.kingfisherpensions.com/wp-content/uploads/2014/08/Prudential-with-Profits-Fund.pdf
  
  may be of interest.
  
  The recent letter simply seems to be  informing you of when and how you can take benefits from the pension - notably, it does not support income drawdown.
  
  https://www.mandg.com/pru/customer/en-gb/retirement-planning/approaching-retirement/tax-free-money-from-your-pension
  
  It does offer UFPLS.
  
  https://www.mandg.com/wealth/adviser-services/tech-matters/pensions/income-options/ufpls
  
  What exactly does your latest statement show?
  
  Will you want to use income drawdown?
  
  Are you still contributing to this plan?
  
  Had you considered a transfer in to your workplace pension (if possible) or a transfer to a modern plan?

  
  

Cuddycarter

Thanks again for the info, I was all set for transferring this scheme to my work pension until I spoke with Pensions Advice and they informed me if I had a with profits pension that I might lose the final bonus. The statement shows no bonuses now although I know it did many years ago. I think I will do this anyway now as I’ve not payed anything into this for nearly 20 years now. Thanks again keep up the good work, your knowledge on pensions is really interesting but way over my head 😂
Thankyou