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.
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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.
The Work and Pensions Committee has called for the government to introduce an auto-drawdown option while allowing NEST to offer decumulation products, James Phillips reports
Providers offer 'large amounts of information'