BlackRock has launched its first drawdown offering for pension schemes to capitalise on the Budget freedoms introduced earlier this month.
The BlackRock Retirement Income Account for UK workplace pension schemes offers members entering retirement an income alternative to annuities. The product, described by the firm as a "low-cost and straightforward option for retirees", has accepted its first account holder. It will initially be available to pension scheme clients of BlackRock and their members approaching retirement. Head of UK defined contribution Paul Bucksey said: "We have seen a raft of new fund launches within the industry to cater to new pensions freedoms, but we believe this innovation provides our members with...
To continue reading this article...
Join Professional Adviser for free
- Unlimited access to real-time news, industry insights and market intelligence
- Stay ahead of the curve with spotlights on emerging trends and technologies
- Receive breaking news stories straight to your inbox in the daily newsletters
- Make smart business decisions with the latest developments in regulation, investing retirement and protection
- Members-only access to the editor’s weekly Friday commentary
- Be the first to hear about our events and awards programmes