Minimum pension age change from 50 to 55
Timescales for new business submission - Annuities and Income Drawdown
As we fast approach the 6 April deadline for the increase in the retirement age from 50 to 55, we would like to make you aware of the important dates for application submissions. Please note that these dates are guidelines and much will depend on when funds are received from ceding schemes. If you would like any further clarification please talk you your account manager or call 0845 60 60 630.
Income Drawdown
External Transfers in
- To guarantee set up of a drawdown case for a customer aged under 55, all requirements must be received no later than the 1 April 2010. This includes the funds from each transferring scheme. Receipt of an application alone does not guarantee set up of the case by 5 April 2010.
- We will consider each case on its individual merit and applications need to be with us as soon as possible to give the best chance of meeting these deadlines.
- Where some but not all funds are received in time we will contact the you to discuss how you wish to proceed.
Internal Transfers
If the source is internal only, then we need a fully completed application form and any outstanding requirements from that application no later than 1 April 2010.Illustrations
- New illustrations for FRP Income Drawdown customers under age 55 should be requested no later than Friday 12 March. Possession of an illustration prior to this date does not guarantee set up of the case by 5 April 2010 .
Product switches (i.e. existing FRP PP customers moving to FRP Income Drawdown)
A full illustration must be provided by Prudential before a Product Switch can be processed.
- The last date for Product Switch illustrations is 22 March 2010.
- A fully completed form and all requirements must be received no later than 1 April 2010.
Please remember that any customers under age 55 currently in phased drawdown will be unable to move further funds to income drawdown after 5 April 2010 unless until they reach age 55.
All External Annuities including Flexible Lifetime Annuity
- It is recommended that illustrations with a retirement age of less than 55 are NOT issued after 12 March 2010. Where an illustration has been requested before this date however, it does not guarantee that this business will be automatically be accepted. In all circumstances a completed Application must be received before 1 April.
- A completed application form with a commencement date of no later than the 5 April 2010, and the money must be received by Prudential no later than the 1 April 2010.
In all situations, we will endeavour to ensure applications are accepted and processed within these timescales where possible.
Please talk to your account manager for further clarification or call our Retirement Income Specialist Team on 0845 60 60 630.
