Retirees who are shunning annuities face a huge variety of product options, charges and investment performance when going down the investment pathway route and need to do more to 'look under the bonnet' before making a selection, LCP research finds.
The 4% rule of thumb often used to define a sustainable approach for drawdown in retirement is no longer fit for purpose due to prevailing and sustained market conditions, says Lane Clark & Peacock (LCP).
Members of Phoenix’s defined contribution (DC) master trust will be allowed to access their pension savings via in-scheme drawdown.
Defined contribution (DC) drawdown providers will have to offer non-advised consumers investment pathways from August 2020, the Financial Conduct Authority (FCA) says.
Smart Pension will roll out an online financial well-being application to help members make decisions about their money in Q1 next year.
Retirees are concerned about recent market volatility but are refraining from reacting and changing the investment policies of their drawdown products, Aegon research finds.
Smart Pension and Legal & General (L&G) have unveiled a prototype demo of their workplace retirement income product which combines drawdown and annuities, exclusively to PP.
The average annual pension withdrawal rate jumped more than one percentage point between 2016/17 and 2017/18, according to the latest data from the Financial Conduct Authority (FCA).
Respondents in last week's Pensions Buzz said such pathways would help guide members and improve retirement outcomes.