JFM launches 'no fee' income drawdown product for small pots

The plan will accept pots of about £30,000 and will not charge for the set-up or moving of funds. The product has a minimum annual management charge of 0.8% and will offer a selection of five risk-related portfolios. JFM said it launched the product in response to the government's pension freedom reforms, which have allowed all retirees to access drawdown for the first time. A number of providers have removed their drawdown charges in the wake of the reforms, including Standard Life, which removed the one-off set up and early depletion charges on its on-platform product ahead of th...