Openwork to launch income product as Omnis funds hit £1bn

Philip Martin, marketing director at the multi-tie network, said the decision to launch a dedicated income fund is a direct response to changes to pensions announced in March Budget. Then Chancellor George Osborne essentially stripped away the need for retirees to buy an annuity, giving them access to their pension pot as a lump sum from April next year. The move has seen a wave of fund mangers launch income generating funds to tap into the upcoming needs of pensioners who want to keep some or all of their pot invested, will living off the proceeds. "As we approach its first annive...