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We’ve launched our new Personal Pension Drawdown, which is a simplified drawdown solution for consumers who are not currently accessing financial advice. It aims to help take some of the complexity out of making decisions about where to invest in drawdown and incorporates the FCA’s upcoming regulations on investment pathways.
The FCA’s Retirement Outcomes Review has highlighted that since pension freedoms, many consumers go into drawdown in order to access their tax-free cash and a significant number of consumers that are not taking advice are likely to be holding their drawdown savings in investments that will not meet their needs1. The report tells us:
Retirement has radically changed. Your clients need more support than ever to help them navigate their choices and make more informed decisions. We want to help people lead longer, healthier, happier lives and believe that everyone should be able to have a ‘more colourful retirement’.
We believe that advice is an essential component in achieving this.
However, there are a number of consumers who are not accessing financial advice. The proportion of people entering drawdown without advice has risen from 5% before the freedoms to 30%1.
Our new Personal Pension Drawdown aims to support these consumers who choose to enter drawdown without financial advice. Our Personal Pension Drawdown simplifies some of the decisions consumers need to make and helps them to access their pension in a flexible way.
Visit our consumer product pages to find out more about our new Personal Pension Drawdown.
1Retirement Outcomes Review, FCA
This website is designed to give professional financial advisers information and tools that they can use to help control and develop their business and should not be relied upon by private investors or any other persons.