drawdown

A labour government would act quickly to cap charges on retirement income products according to party leader Ed Miliband.

A drawdown charge cap should be placed on sales to provider's existing customers to ensure people are not sold inappropriate products after pensions freedom comes into effect, Which? has said.

Fidelity has extended its defined contribution (DC) platform to give customers access to incoming retirement flexibilities but warned that operational capability alone will not ensure the policy is successful.

Aegon UK posted a 37% increase in earnings in Q4 last year, citing increased demand for income drawdown on its platform.