Where this fits
On a Prudential with-profits plan, check the guarantee and the market value reduction before you move it.
Sunny Bharj
Independent Financial Adviser
Tony Springer
Independent Financial Adviser
UK Prudential pensions belong to M&G plc, which says they have no connection with Prudential plc. Many are with-profits plans, where taking money out can trigger a market value reduction, and some plans carry a guarantee that M&G says could pay a higher income than other providers.
The Prudential Assurance Company Limited, on the FCA register under number 139793, a subsidiary of M&G plc. M&G states that it is not affiliated with Prudential plc or Prudential Financial, Inc.
The FCA register also lists a clone firm using the Prudential name. Check any contact against the details on M&G's own site.
M&G does not publish one charge for its pensions, and says charges may differ between funds. Its workplace business is mainly additional voluntary contribution schemes, including those attached to the Local Government, Teachers' and NHS pension schemes.
On a unitised with-profits plan, M&G may apply a market value reduction when money leaves the With-Profits Fund, if the underlying assets are worth less than the plan value including bonuses.
M&G also says some plans carry a guarantee that could pay a higher income than you would get from other providers, with the details in your retirement options pack.
Personal pension holders can transfer to another provider. M&G warns that leaving may incur an exit fee, that guarantees may be lost, and that moving out of the With-Profits Fund could trigger a market value reduction.
Checked on 2 October 2026 against mandg.com and workplacepensions.mandg.com, and the FCA register. Phone numbers, charges and options change, so check the provider's own site before you act.
Read the retirement options pack before anything else. The guarantee, if your plan has one, is set out there.
UK Prudential pensions are provided by subsidiaries of M&G plc. M&G says they are not connected with Prudential plc.
Some do. Your retirement options pack sets it out, or M&G can confirm it.
Not from every product. M&G says some do not allow it and a move may be needed.
On a Prudential with-profits plan, check the guarantee and the market value reduction before you move it.
Independent Financial Adviser
Independent Financial Adviser
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