Drawdown

Zurich has enhanced its drawdown proposition by including the ability to drawdown income from protected rights.

Advisers should focus on alternatives to annuities to help high-net-worth clients maximise their retirement income, claims Fidelity International.

Prudential has launched the first with-profits annuity which can be purchased with protected rights funds, following negotiations with the Department for Work and Pensions.

Skandia say offering alternatively secured pensions, ASPs, can encourage greater pensions savings.

If the government decides to abolish or alter alternatively secured pensions in the pre-Budget Report, pensioners will be left with no choice but annuities past the age of 75, but are these still a viable proposition?

The Financial Services Authority has publicly censured GD Tancred Financial Services for not clearly explaining the risks of income withdrawal to customers with pensions under £100,000.

The number of people entering income drawdown on nil income could be using the opportunity to take tax-free cash before it is abolished.

A default annuity option could be added to personal accounts as the government is switching its focus onto the decumulation phase of the retirement income system.

Scottish Widows have added income drawdown to its Individual Buy Out plan, or Section 32 (S32) deferred annuity.

The annuity market must become more innovative and flexible to meet the needs of people's changing perception of retirement from a cliff-edge change to a transitional process, claims industry experts.