Pru - M&G Personal Pension

gm0

All provider call centre scripts for existing schemes will talk only about features they support. 

Not the full range in legislation (allowed).  Nor will they suggest you transfer to somewhere specific that does it. 
As this would be personalised advice (of a sort) or accused of being - so they must not and mostly do not do it.  It feels super unhelpful.  But you are not the customer for that.  The FCA is.

To use a DIY provider like a HL, Fidelity, AJBell, iWeb or PensionBee or many many others. 
You have to pick one that suits your view on cost, investments, digital support, income flexibility. 
And then open an account there.  And then instruct them to  "pull" this old pension across by a process called Pension Transfer.  It works on "pulling".  You don't tell the old provider to send it.  You ask the new provider to pull it.

There are circumstances where complexities come up - guaranteed annuity rates and such like which impact whether this is a good idea and the process to get it done.  But for most this is simple and takes a couple of weeks at most and a couple of cycles of web forms and some ID proving at new provider (Know your customer and AML).

The old Pru plan will be emptied out (holding sold to cash, cash transferred) and closed.  Your benefits extinguished.  Your pot is then at new provider and you have whatever investment options, costs and income options that provider offers.

kassy64

gm0 said:

All provider call centre scripts for existing schemes will talk only about features they support. 

Not the full range in legislation (allowed).  Nor will they suggest you transfer to somewhere specific that does it. 
As this would be personalised advice (of a sort) or accused of being - so they must not and mostly do not do it.  It feels super unhelpful.  But you are not the customer for that.  The FCA is.

To use a DIY provider like a HL, Fidelity, AJBell, iWeb or PensionBee or many many others. 
You have to pick one that suits your view on cost, investments, digital support, income flexibility. 
And then open an account there.  And then instruct them to  "pull" this old pension across by a process called Pension Transfer.  It works on "pulling".  You don't tell the old provider to send it.  You ask the new provider to pull it.

There are circumstances where complexities come up - guaranteed annuity rates and such like which impact whether this is a good idea and the process to get it done.  But for most this is simple and takes a couple of weeks at most and a couple of cycles of web forms and some ID proving at new provider (Know your customer and AML).

The old Pru plan will be emptied out (holding sold to cash, cash transferred) and closed.  Your benefits extinguished.  Your pot is then at new provider and you have whatever investment options, costs and income options that provider offers.

Very helpful thankyou. 

dunstonh

There is one thing to note.....
The Pru normally try to direct you to their own salesforce.  However, they do not have the regulatory authorisations to deal with safeguarded benefits.   In those cases, they tell you that you have to use a financial adviser.      So, maybe there are safeguarded benefits on this plan.

xylophone

  So, maybe there are safeguarded benefits on this plan.

https://forums.moneysavingexpert.com/discussion/comment/80712181/#Comment_80712181

Presumably there is no Guaranteed Annuity Rate?

https://forums.moneysavingexpert.com/discussion/comment/80712438/#Comment_80712438

There are circumstances where complexities come up - guaranteed annuity rates and such like which impact whether this is a good idea and the process to get it done. 

https://assets.publishing.service.gov.uk/media/5a80b577ed915d74e33fbf54/pension-benefits-with-a-guarantee-factsheet-jan-2016.pdf