Good practice guide to income drawdown, Part 2
This is part 2 or a two-part CPD article about income drawdown. In 2015 the introduction of ‘pension freedoms’ was a game changer for the retirement income market, moving existing pension savings from a source of income in retirement to a financial planning vehicle, says Keith Richards, chief executive officer at the Personal Finance Society. […]
Guaranteed retirement income products may not be worth it
Retirement income products with guarantees, offered by many life companies in the UK as an alternative to the old fashioned annuity, do not offer value for money in most cases, according to a study by Milliman, an international consultancy group.
Almost £6bn withdrawn after UK pension reform, reports ABI
Nearly £6bn ($8.6bn, €7.6bn) has been paid out of UK pensions since reforms came into effect in April last year, according to the latest figures published by the Association of British Insurers (ABI).
Income drawdown lost clients £160m post pension freedoms
Clients wishing to move from QROPS into a UK-based scheme to take advantage of pension liberation should take heed before rushing into income drawdown.