Members of Phoenix’s defined contribution (DC) master trust will be allowed to access their pension savings via in-scheme drawdown.
The move has been announced alongside plans to put in place four investment pathway options for members, focusing on when members will access their money, and offering four Standard Life funds designed specifically for each of the options.
The in-scheme drawdown proposition will be offered to members of the Standard Life DC Master Trust, which was acquired by Phoenix as part of its acquisition of Standard Life Assurance in 2018.
There will be no minimum eligibility limit or additional charges, and members will remain part of their employer's scheme and retain any scheme discounts.
Proposition director Jenny Holt said: "By introducing in-scheme drawdown we're making it simple and easy for pension scheme members to remain within their scheme while accessing their pension savings.
"We know that it is important to support members with their decision making when accessing their pension savings, which is why we were keen to embrace the principles of the investment pathways architecture and have included new guided digital journeys to support scheme members. We're delighted to be delivering this enhancement, particularly at this time."
Investment pathways are due to be introduced for contract-based pension schemes next year, and are designed to cater for scheme members who would like support in making investment decisions.
Phoenix said the options would be "clear and simple" to enable "informed decisions" and that members would continue to benefit from support online, with new "guided digital journeys" and retirement events. Educational content will also be available.
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