BlackRock is working to "repurpose" its range of target date funds and introduce an income drawdown product in response to the liberalisation of defined contribution (DC) regulation.
The asset manager wants to develop its LifePath fund range ahead of the changes, announced in this year's Budget, which will see fewer retirees purchasing annuities at retirement. It is also planning to introduce an individual drawdown option, which members of trust-based DC schemes could transfer into on retirement. Head of UK DC Paul Bucksey told PA's sister title Professional Pensions there was "plenty of work going on" to build on the firm's existing capabilities in preparation for next April. He said: "We are putting a lot of thought into how some of our existing investment fu...
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