This is the maximum amount of pension savings that you can make which will qualify for tax relief in any tax year.
The pension income payable to you when you retire if you choose to purchase an annuity.
The requirement to enrol most employees and workers in the UK into a pension scheme provided by an employer.
This is the person you have entered into a registered Civil Partnership with under the Civil Partnership Act 2004.
M&G plc or companies whose ultimate parent company is M&G plc. For the avoidance of doubt, this can include the Principal Employer and/or any associated company/employer that offers you membership of the Scheme through your contract of employment. If you joined the Scheme prior to October 2019, the Company was known as Prudential plc but on 21 October 2019, the Company became known as M&G plc.
Your Spouse or Civil Partner/same sex spouse or any other person who, in the opinion of the Trustee, is financially dependant upon you at the date you take your pension or die.
In most cases, this means your own or adopted child under age 18 or later if still in full-time education/vocational training and the Trustee so decides (though not normally beyond age 23).
The Company will pay contributions on your behalf upon your joining the DC Section of the Scheme. These are known as Employer Credits.
This is when you take benefits from the Scheme but do not retire and continue working for the Company.
The Lifetime Allowance is a limit on the amount of pension benefits that you can accumulate during your working life which will qualify for tax relief.
The Company will match any regular monthly contributions that you choose to make, up to a limit of 5% of your Pensionable Pay.
If you elect to take your benefits from the DC Section, or any other registered pension arrangement using the new pension flexibilities available, for example in the form of a Uncrystallised Funds Pension Lump Sum (UFPLS) you will trigger, for the tax year you draw your benefits (and for future years), a Money Purchase Annual Allowance.
This means your tax efficient contributions to any defined contribution scheme will be more restricted (usually to £10,000).
This is a period over which pension contributions are measured to work out whether you have exceeded the Annual Allowance. The Pension Input Period is the same as the tax year: 6 April to 5 April.
This means your basic salary.
The Company operates a salary exchange arrangement called Pensions Plus, for more information please see the Company's document Your Guide to Pensions Plus.
An individual account which the Trustee sets up in your name in the DC Section of the Scheme. All contributions paid by you or on your behalf and any investment returns (less costs and charges) will be held in your Personal Account.
These are any contributions that you choose to make to the DC Section of the Scheme to increase your pension savings.
The company which participates in the Scheme and has certain decision making powers under the Trust Deed and Rules, such as deciding eligibility for membership of the DC Section. For the Scheme, this is The Prudential Assurance Company Limited.
This is an overseas pension scheme that meets certain requirements and which HM Revenue & Customs recognises as eligible to receive transfers from registered pension schemes in the UK.
A pension scheme that is registered with HM Revenue & Customs under the provisions of the Finance Act 2004.
This is the age you anticipate drawing your benefits from the DC Section of the Scheme. If you invest in one of the Lifestyle Profiles this will be the date used to time the transition of your investments to less volatile funds. It does not constitute a contractual retirement age.
This is the person to whom you are legally married. This includes opposite sex spouses and same sex spouses.
The age at which your State Pension becomes payable.
The value of your Personal Account at any given time that is available to transfer to another registered pension scheme or a QROPS.
Prudential Staff Pensions Limited, a limited company, is the Trustee of the Scheme and is responsible for ensuring that the Scheme is administered in accordance with the Trust Deed and Rules. The Trustee holds, manages and invests assets for the benefit of members and their beneficiaries.
An individual, either appointed by the Company or nominated by the Scheme members, who along with other Trustee Directors form the board of the Trustee.
DISCLAIMER: The purpose of this video presentation is not to provide tax or financial advice. The Trustee of the Prudential Staff Pension Scheme is legally prevented from giving financial advice. This video presentation aims to help you better understand certain aspects of your pension scheme and the choices you may have. All benefits from the Prudential Staff Pension Scheme are payable in accordance with the Trust Deed and Rules, the legal document governing the Scheme. In the unlikely event of any discrepancy between any information provided to you in this presentation and the Trust Deed and Rules, the Trust Deed and Rules will prevail.
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