New Model Adviser - For professional financial planners

Register free for our breaking news email alerts with analysis and cutting edge commentary from our award winning team. Registration only takes a minute.

Pru set to close drawdown product to new IFA business

M&G Prudential is closing its drawdown product, the Flexible Retirement Plan, to new business from advisers, the provider has announced.

Pru set to close drawdown product to new IFA business

M&G Prudential is closing its drawdown product, the Flexible Retirement Plan, to new business from advisers, the provider has announced.

From 17 September 2018 no more top-up contributions or transfers into the Flexible Retirement Plan will be accepted by the provider.

A spokesman for Prudential said IFAs have been kept in the loop about the closure.

‘Advisers and customers are being informed of this decision, and existing customers will still be able to continue paying existing regular contributions,’ he said.

‘Customers who want to move into income drawdown can talk to their advisers and switch into the Prudential Retirement Account. It was launched in 2016 on a new administration platform and is a more flexible product offering a greater range of features.’

Last summer New Model Adviser® revealed the Prudential Retirement Account had been hit by administrative issues, which led to clients being offered redress.

Despite these issues, a spokesman for the provider said the Prudential Retirement Account now accounts for 90% of new business sales for Pru.

The older product, the Flexible Retirement Plan, was launched in 2005 and the pension was opened to the PruFund range in 2008/09.

Share this story

Leave a comment!

Please sign in or register to comment. It is free to register and only takes a minute or two.
More Content
7459.88 -11 0.15% 04:35
More Content
More Content

ADVICE

3 Comments Breakfast Club: From offshore oil worker to running an advice firm

Breakfast Club: From offshore oil worker to running an advice firm

Jennifer Ellis runs Wellington Wealth alongside sister Nicola Ellis, emphasising the importance of family and client service

twitter_banner

INVESTMENT