How can we provide more access to income drawdown?

The pensions freedoms announced in March have changed the way providers and advisers need to operate. Smaller average drawdown investments could make it nearly impossible to provide an exclusively face-to-face service cost-effectively. Before the Budget, annuities were the only real option for the vast majority of people. This became a problem when the bank rate dropped to the historic low of 0.5%, causing annuity rates to plunge. From April, people will not be shunted towards an annuity, but instead will be able to use their pension fund how they want. Portal Financial saw immedia...