Pension held with the Pru

LOTRno2theshire

The Pru hold one of my pension's from Rolls Royce which at the time of retiring I decided not to take as I was financially secure through other pensions and taking my state pension at 65. I have now decided at 71 to take take it and enjoy the money I have put into my pension pot, but guess what, unless I pay 3% out of my pension fund for a finacial advisor through M&Gplc I cannot access it. I have explained I do not want or need a finacial advisor to tell me what I already know or what I want to do with my pension. I have three pensions I have taken and am drawing on and not once have I had to pay to access them. This seems an easy way to make money out of my pension forcibly without any choice. Has anyone else had this problem? I have decided to move it to another provider as I have heard some other horror stories about Pru and M&G plc holding people to ransom over their own money. No wonder they are called M&G plc Wealth

dunstonh

but guess what, unless I pay 3% out of my pension fund for a finacial advisor through M&Gplc I cannot access it.

Not correct.
If you choose to use Pru/M&G then that is their charge.   (plus IIRC, its a non-advised service)
If you choose to use your own IFA or adviser then you will pay their charge.
If you choose to DIY then you do not pay a charge unless the provider you choose makes a charge.

(for the benefit of other posters, Pru do not offer their services when there are safeguarded benefits.  So, the fact they are offering their service means there are no safeguarded benefits).

I have explained I do not want or need a finacial advisor to tell me what I already know or what I want to do with my pension. 

So, why are you asking them their charges?   

 I have decided to move it to another provider as I have heard some other horror stories about Pru and M&G plc holding people to ransom over their own money. No wonder they are called M&G plc Wealth

There are no horror stories of them doing that.  However, some people do seem to get confused about charges and what plans they have.

Pru's legacy plans don't support drawdown (as most legacy plans across providers do not).   So, if you want drawdown, you have to buy a new pension.  Pru have told you their terms.  You accept them or do it elsewhere.  No big deal.

LOTRno2theshire

Thanks for your comments, but I did not choose to put the money where it is, it was part of my pension plan through Rolls-Royce, I was assured when I was 65 if I decided on my options of an Anuity, Drawdown or anything else I decide which I have done with my other pensions it would be straightforward, easy, and no charge's unless I DECIDED ON A FINANCIAL ADVISOR. Not to have one forced upon me. I see you have commented on this before looking at previous threads. By the way not that it matters but I have already gone through IFA on previous pensions and investments and paid for what I needed advice on, which is the way it should be.

dunstonh

Thanks for your comments, but I did not choose to put the money where it is, it was part of my pension plan through Rolls-Royce, I was assured when I was 65 if I decided on my options of an Anuity, Drawdown or anything else

Prudential have never offered drawdown on any of their plans except their retirement account (their current product).  It wasn't available on their other pensions.    So, I would have to question why you were assured it was an available option.
Plus, drawdown in the mainstream only started in 2015.     
Prudential stopped offering their in-house pension plans around 2003.
There was only a limited distribution of pensions after that (AVCs and section 32 buy out bonds mainly)

When was this pension taken out?   I

I decide which I have done with my other pensions it would be straightforward, easy, and no charge's unless I DECIDED ON A FINANCIAL ADVISOR. Not to have one forced upon me

If the existing pension is a section 32 buy out bond (i.e. occupational pension transferred into money purchase pension) then no section 32 buy out bond offers drawdown.   Section 32 buy out bonds were not designed to offer drawdown.

With Pru's service, it is effectively an initial charge to go into their product.   i.e. their product, their prices.
You get to choose if you want their product or use another product.  Don't get angry about it.  Just buy your product elsewhere.

Many other pension providers with legacy products require you to transfer out to utilise drawdown.  However, some have managed to code in limited drawdown functionality into some of their plans (for example, Aviva will often be able to do UFPLS or drawdown on a lump sum basis but not regularly without transferring to a new plan).    So, if you wanted to do something they offered or the others were more modern plans that would explain why they did it.

LOTRno2theshire

Sorry not willing to discuss futher detail.