drawdown

LV= is launching a toolkit intended to help members in defined benefit schemes (DB) understand their options at retirement in light of freedom and choice.

Royal London experienced growth of 61% in its drawdown business during the first half of the year amid demand created by the pension freedoms unleashed in April.

Standard Life's profits have fallen 15% in H1 2015 as it suffered a 66% reduction in annuity sales from last June as a result of the pension freedoms.

Complaints about annuities are continuing to rise more than a year after the Chancellor announced a reform of the retirement income market, according to the latest figures from the Financial Ombudsman Service (FOS).

Consumer group Which? wants the Financial Conduct Authority (FCA) to take action to simplify drawdown charges to make pensions freedom and choice retirement income options easier to understand.

Taking 'freedom and choice' to the masses

Savers with the smallest defined contribution (DC) pension pots are struggling to access freedom and choice, the National Association of Pension Funds (NAPF) has warned.

Income drawdown may need to be delivered collectively to account for mass market demand according to Legal & General Investment Management's head of DC solutions Emma Douglas.

HM Revenue and Customs (HMRC) will shortly issue guidance to clarify that drawdown funds will not be subject to inheritance tax (IHT) charges after lawyers raised concerns.

The Treasury will consider imposing a charge cap for when people access their pension freedoms in a consultation to be launched next month.