In the landscape of retirement planning, finding the right strategy to secure your financial future is paramount.

Prudential stands out as a venerable institution offering a compelling suite of equity release alternatives, and with a rich heritage in providing robust retirement planning services, pension schemes, investment opportunities, and life insurance products, Prudential offers a comprehensive approach to managing your finances in later life.

This article explores how Prudential can serve as a strategic alternative to equity release, empowering you to make informed decisions that align with your financial goals and lifestyle aspirations.

Is Prudential still around to offer equity release?

Discover here:

NOTE: SovereignBoss is an impartial and unconnected third-party information provider via this website, and the details replicated in this commentary represent the opinions of SovereignBoss only and may not reflect the views or opinions of Prudential. This article must not be interpreted as advice, nor is it a solicitation to conduct transactions in any financial product provided by Prudential.

What Are Equity Release and Lifetime Mortgages?

Equity release and lifetime mortgages allow homeowners to access their property's value as cash, with repayment typically deferred until the home is sold or the borrower passes away.

Who is Prudential?

London-based Prudential Plc was a British multinational insurance company founded in May 1848¹ to provide loans for professionals and working people.

In October 2019, Prudential Plc separated from its UK operations and is now owned by M&G Plc - a leader in the savings and investment market. 

M&G and Prudential share the same goal of helping people grow their savings in order to live the life they dream of.

Although Prudential used to offer equity release plans between 2005 and 2010, it no longer does.

This period saw it attract over 14,000 customers and lend over £1bln in equity release.²

It continues to service all of its existing equity release schemes but is unable to offer any additional lending or new schemes.

Is Prudential Still an Equity Release Option?

No, you can no longer consider Prudential for equity release, but you may consider it for any savings and investment plans you hope to execute.

Prudential is authorised and regulated in the UK by the Financial Conduct Authority (FCA) and is therefore bound by UK financial services regulations.

Does Prudential Have an Equity Release Calculator?

Prudential no longer offers an equity release calculator.

If you are curious to know approximately how much equity release you may be able to release from your home, why not try our easy-to-use calculator below?

Learn more about the equity release calculator here.

Prudential Customer Reviews

Customer reviews of Prudential's services can vary widely, as many customers appreciate Prudential for its longstanding reputation and reliability.

However, like any large financial institution, Prudential has faced criticism, particularly regarding aspects such as policy costs, complexity of certain products, and responsiveness to customer inquiries or claims.

What customers have said on these popular online review sites:

• Prudential customer reviews on UK.TrustPilot.com
• Review of Prudential available on ConsumerAffairs.com
• Prudential reviewed on Reviews.io

How Did We Review the Information On Prudential?

We reviewed Prudential based on the following:

• Reputation and History – How many years they have been in business, customer reviews, and industry rewards received.
• Financial Strength – Ensuring it is going strong and has adequate funds to meet long-term commitments.
• Product Range – We favour companies offering a variety of equity release schemes with greater product flexibility.
• Interest Rates and Fees – We review competitive rates compared to industry averages and they must be fully transparent about rates and fees without hidden costs.
• Customer Service and Support – When and how it is available, response times, and available online educational resources. As well as online tools, like a calculator.
• Code of Conduct and Compliance – We only consider companies that adhere to recognised industry standards and codes.
• Industry Insights and Peer Reviews – We care about a company’s industry-wide reputation.
• Innovation and Technology – Is there a streamlined, digital application process?
• Client Testimonials – Success stories and the complaints resolution process.

This is an unaffiliated, independent review of Prudential.

Prudential Complaints

If you are dissatisfied with Prudential and want to make a complaint, you can do so by contacting the complaints department on its website, by phone, or by post.

The alternative option is to voice your dissatisfaction on popular review sites like Trustpilot³ or Feefo.⁴

What Are Prudential's Fees?

Prudential's fees vary depending on the specific financial products or services you're using; for investment products, such as pensions or life insurance policies, fees might include management charges, fund expenses, and potential penalty fees for early withdrawal or policy changes.

For their investment services, you might encounter annual management fees, performance fees, and transaction costs.

It's crucial to review the terms and conditions of any product or service for a detailed breakdown of applicable fees.

Prudential aims to be transparent about these costs, but customers are encouraged to ask for a clear explanation of all charges before making any financial commitments.

Prudential Core Information

Prudential Financial has been assisting individuals and institutions in growing and protecting their assets for over 140 years.

It is known for keeping its commitments to clients, and it is regarded as a reputable brand and one of the world’s most renowned businesses.⁵

Prudential offers a number of products and services to consumers in the United States, Asia, Europe, and Latin America.

These services include life insurance, annuities, retirement-related services, mutual funds, and investment management.

It aims to provide long-term value to its stakeholders⁶ by adhering to sound business principles that are compatible with its purpose.

Prudential is led by its vision and guided by the company’s core values.

Advantages and Disadvantages of Prudential

Advantages include that it has a 140-year track record, while disadvantages include that it no longer offers equity release.

More information:

Pros of Prudential

Consider these pros:

• It has been in business for 140 years.
• It is a reputable brand and one of the world’s most renowned businesses.
• It offers numerous services, including life insurance, annuities, retirement-related services, mutual funds, and investment management.

Cons of Prudential

Consider these cons:

• It no longer offers equity release.
• It does not have an equity release or mortgage calculator.
• It does charge fees, including arrangement fees, valuation fees, and early repayment charges.

FCA Details

Trading Names

• The Advice Partnership from Prudential
• Prudential Financial Planning Limited

FCA Permitted Services

• Insurance
• Consumer Credit
• Investments
• Pensions

Regulators

• Financial Conduct Authority (FCA)⁷
• Prudential Regulation Authority (PRA)⁸

Registration Numbers

• FCA Ref Number: 139793
• Companies House Number: 00015454

FCA Link

• FCA Link: FCA Link
• Companies House Link: Companies House Link

Prudential Contact Number and Address

• +44 207 220 7588
• sales@pru.co.uk
• 10, Fenchurch Avenue, London EC3M 5AG.

Common Questions

Conclusion

Prudential may not be able to offer you a new equity release plan, but it does have a good reputation for its saving and investment services.

Whatever you decide is the right route for you, be sure to talk through your Prudential later-life lending options with a qualified financial adviser.

Prudential will not be one of your equity release companies, but it could certainly still help you achieve your investment dreams.

The features mentioned and the amounts raised, are subject to the lender’s criteria, terms and conditions. These may take into account the age, health and lifestyle factors in order to provide an enhanced amount. To understand the features and risks, ask for a personalised illustration.