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.

Retirement Outcomes Review consultation

Some 41% of people in drawdown are not adjusting their pension income levels to account for stock market volatility, analysis by Zurich has found.

A third of drawdown users lack any investment experience but many of those do not seek any financial guidance or advice, Zurich research finds.

Women using drawdown can expect to receive £47,000 less in their pension pot over a typical 20 year retirement period, according to Zurich.