Potential drawdown clients looking to keep their pension pot invested after April next year will be a "big target" for Standard Life, which earlier announced a near 60% drop in annuity margins for the first half of the year.
UK & Europe chief executive Paul Matthews said the insurer's drawdown product already had 30% of the market but added the business would make changes to take advantage of the Budget pension freedoms. However, he would not be drawn on the exact changes but said they were due in the early part of next year. He said the business was well placed to grow its drawdown market share. Matthews said: "The changes are a really good thing for customers. Locking people into low interest rates was not in their best interests. In the new year we will launch new things that will help retiring custome...
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