Zurich to launch protected drawdown product

The provider is working on a new product to be sold via its platform from early next year, which will combine drawdown and an annuity-like guaranteed income. It said the product was aimed at people who wanted to use drawdown but did not want to face the possibility of running out of money in retirement. The product will involve a protection element people can purchase at retirement alongside their drawdown plan. They would then be able to turn their plan into an income for life at a certain pre-determined age. Zurich would not divulge details about the product's charging structure ...