Norwich Union has launched the Norwich Union Income Drawdown plan for customers who want a simple product with the control benefits of a SIPP.
The product, which includes a wish list of options, follows research into consumers’ attitudes to retirement planning. The survey of almost 1,800 people shows 37% of people in their 40s have no financial plan for retirement and 41% do not understand pension products. Norwich Union’s Income Drawdown plan includes a clear indication of the final settlement, greater flexibility, the option to manage online in the same way as a bank account and access money in the account even if it means less certainty over the final settlement. The provider will also add online fund management in the summer...
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