Partnership pulls hybrid retirement income product

Partnership's Enhanced Retirement Account will be withdrawn on 12 August, the company confirmed, though existing customers will be unaffected. The blended retirement income product offered a combination of annuity and drawdown for retirees looking to take advantage of the pension freedom reforms. Pension freedom removed the need for most retirees to buy an annuity and opened up the drawdown market to savers with smaller pots. Annuity sales plummeted in the aftermath of the reforms and led to the merger of major players Partnership and Just Retirement. The company said the decision ...