BlackRock steps into in-retirement market with drawdown launch

The BlackRock Retirement Income Account for UK workplace pension schemes offers members entering retirement an income alternative to annuities. The product, described by the firm as a "low-cost and straightforward option for retirees", has accepted its first account holder. It will initially be available to pension scheme clients of BlackRock and their members approaching retirement. Head of UK defined contribution Paul Bucksey said: "We have seen a raft of new fund launches within the industry to cater to new pensions freedoms, but we believe this innovation provides our members with...