Aegon pulls out of guaranteed drawdown market

The pension provider's guaranteed drawdown product, Secure Retirement Income, will close to new business on 1 March. Aegon has confirmed no existing customers will be affected. Aegon UK chief executive Adrian Grace (pictured) said blamed "insufficient demand" for the move. "On the face of it, the introduction of pension freedoms created a perfect environment for products that combine income flexibility and certainty. However, insufficient demand has meant the market for guaranteed drawdown products hasn't got into full stride," he explained. "The sale of Aegon Ireland, which reinsu...