Prudential has today cut the minimum income requirement on its drawdown product from £50,000 to £25,000 before the payment of any tax free cash.
The insurer also said it would be ready to offer full, flexible drawdown by 6 April, next year in line with the pension changes announced in the Budget. Should the rules come in as without any changes drawdown will be available with no Government Actuary's Department limits for anyone with pension savings of £25,000 or more. Prudential said it would be available for new and existing Flexible Retirement Product customers. Head of business development Vince Smith-Hughes (pictured) said: "The Chancellor announced in the Budget some of the most far reaching changes to the retirement incom...
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