Income Drawdown

Savers have withdrawn £2.5bn from their pensions - mostly in cash lump sums - since the government's wide-ranging retirement reforms in April, latest figures show.

Complaints about annuities are continuing to rise more than a year after the Chancellor announced a reform of the retirement income market, according to the latest figures from the Financial Ombudsman Service (FOS).

Pension savers withdrew £1.8bn from pots in the first two months following the opening up of the retirement income space, data from the Association of British Insurers (ABI) has revealed.

Income drawdown may need to be delivered collectively to account for mass market demand, according to Legal & General Investment Management (LGIM).

The opening up of the retirement income market will drive the emergence of more adviser-provider partnerships, according to Foster Denovo.

Income drawdown has become an increasingly popular option among advisers for clients with smaller retirement pots, as demand for the product surged overall post pension freedoms, research has suggested.

Jessop Fund Managers (JFM) has launched in income drawdown solution for advised clients with small to medium sized pension pots.

Provider Standard Life has called on the industry to come up with better processes to ensure non-advised income drawdown clients efficiently manage their retirement income.

Most savers have no intention of taking on the risks of investing in equities once they have begun to draw their pension, research suggests.

Providers who have cut drawdown charges in the run-up to April 6 to "grab market share" will revisit their decisions in the months to come, suggested LV=.