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.
Iain Oliver, head of pensions at Norwich Union, says: “People clearly want more flexibility and control from pension products but the SIPPs that do offer that are niche options designed primarily for high-net worth customers.
“In essence we are providing a wider range of pension customers with a lot of the control, flexibility and fund choice they are looking for with a SIPP, and at a more competitive cost.”
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