Scottish Widows adds drawdown to S32 plan

Since A-Day S32 plans have been able to protect a tax free cash entitlement of more than 25% provided the individual transferred from a scheme which is winding up, or from another S32 which was in place before A-Day. The new legislation also allows a range of options for a S32 plan including the ability to go into unsecured pension, or income drawdown. An option which Scottish Widows has decided to add to its product. It says the move will give policyholders access to tax free cash without having to draw any income until it is required, following changes to the Government Actuary Depart...