Pension professionals fear a one size fits all ‘auto-drawdown’ policy will hurt clients, and they have suggested advice vouchers should be re-examined.
A new drawdown comparison table has been created to show both Personal Pensions and Sipps.
Consumers choosing income drawdown without using a regulated adviser are to come under the regulatory spotlight.
Many customers newly entering drawdown to stay invested have not been using an adviser, new FCA figures showed this morning.
Pension rules should be relaxed to allow multiple drawdown arrangements within the same pension scheme to be consolidated into one, AJ Bell has said ahead of Wednesday’s Autumn Statement.
Savers took out £800m worth in payments from income drawdown policies in 170,000 withdrawals in the first two months after the pension reforms kicked in.
Parmenion has added drawdown features to its in-house Sipp from today (7 April), to enable advisers to take advantage of the new Pensions Freedoms for their clients.
A "sting in the tail" could be looming for flexible drawdown clients who could face a HMRC fine of £300 or more.
A Sipp firm has announced it is launching an "improved version" of one of its products in response to demand from advisers as the drawdown rules change.
A Sipps firm says it has refused to play a "game of chicken" with rivals about revealing fees, as the new pensions landscape opens up.
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