Changes To The Prudential Enhanced Annuities | Shropshire County Pension fund

Shropshire County Pension fund

Taking care of your Local Government Pension in Shropshire

Changes To The Prudential Enhanced Annuities

Posted on by Admin-2

If you are a member of the Shropshire County Pension Fund who chooses to purchase Additional Pension Contributions (AVCs) with The Prudential, please make sure you read the below message.

The Prudential currently provides the option of purchasing different types of annuity policies including Enhanced Annuities. An Enhanced Annuity can pay a higher income for people with medical conditions which may reduce their life expectancy.

However, as some annuity providers are able to provide Enhanced Annuities that are more competitively priced than Prudential, The Prudential has decided to withdraw its Enhanced Annuity product.

With effect from Monday 11 December 2017, Prudential Enhanced Annuities will no longer be offered.

If you have received a Prudential Enhanced Annuity quotation on, or before, 8 December 2017 all required medical information should be provided to The Prudential by 3 January 2018 and re-quotes will be provided until 12 January 2018. All applications for Prudential Enhanced Annuities must be received by 26 January 2018.

Anyone who has have previously purchased a Prudential Enhanced Annuity and is receiving regular retirement income payments will not be impacted by this decision.

The Prudential will continue to offer standard annuities.

If you have any questions or want to know more about this you can call the Prudential’s Retirement Specialist Team on 0800 028 1493. Lines are open Monday to Friday, 9am-6pm. You can also visit The Prudential’s website for further information.

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