Clerical Medical has launched an income drawdown product aimed at customers aged 50 to 74.
A statement from the life and pensions provider says the Clerical Medical Income Drawdown Plan targets people who want flexible income and death benefits without the risks and costs associated with self-investment.
The provider launched a ‘drawdown to drawdown’ version of the plan in April 2007, which received a £250,000 average investment.
The product is available to customers wishing to consolidate existing pension savings before taking tax free cash and income. Customers can also add further transfers into the plan from existing pension schemes.
Mike Brown, head of pensions at Clerical Medical, says: "Many customers have protected rights, especially those who were members of final salary pension schemes and were contracted out after 1997.
"For these customers, this product enables them to take income benefits which exactly meet their needs, rather than follow the benefit structure of their existing scheme".
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