IFAs could tap into a £11bn market if they would advice their drawdown clients in older style contracts to transfer to a new provider, says Scottish Equitable.
The Edinburgh-based insurer suggests many clients with older contracts, which would have been set up less sophisticated investment planning than can be found today, could benefit from changing their contract as it is vital for advisers to clearly understand a client's risk profile and their retirement objectives when giving advice on drawdowns. Furthermore, Scot Eq also believes the proposal set out in the Pensions Bill - which will allow a minimum withdrawal of £1 per year on drawdown policies - will add another benefit as it will allow more of the drawdown pot to be preserved. ...
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