Pru launches 'savings and income' retirement account

Firm says it is a 'game-changer'

Tom Ellis
clock • 2 min read

Prudential is to launch a single savings and income retirement account, allowing people to accumulate and withdraw money at the same time.

The account will allow people to save for and during their retirement and to access their cash at any point from the age of 55 without having to cash-in or cancel the entire account.  It will also offer a set of optional guarantees, such as a ‘capital guarantee' for drawdown and a ‘minimum income guarantee', which acts similarly to an annuity product, guaranteeing an annual income throughout retirement even in the event the value of the fund plunges.  Prudential will launch the advised-only account on 26 September, saying it wanted to give people the "flexibility and freedom" they nee...

To continue reading this article...

Join Professional Adviser for free

  • Unlimited access to real-time news, industry insights and market intelligence
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection
  • Members-only access to the editor’s weekly Friday commentary
  • Be the first to hear about our events and awards programmes

Join

 

Already a Professional Adviser member?

Login

More on Income

Retirement income: Why the '4% rule' does not work for the UK

Retirement income: Why the '4% rule' does not work for the UK

Does the 4% rule have a place in UK retirement planning?

Doug Brodie
clock 10 May 2024 • 3 min read
Stress-testing at the core of suitable retirement income planning

Stress-testing at the core of suitable retirement income planning

'How not to stress-test a withdrawal plan needs to be understood'

Chet Velani
clock 09 May 2024 • 5 min read
Advisers have bigger role to play in annuity journey of clients

Advisers have bigger role to play in annuity journey of clients

Just 29% of annuity sales are advised, according to ABI data

Ahmed Bawa
clock 03 May 2024 • 4 min read