Prudential’s Flexible Drawdown is available through its Flexible Retirement Plan wrapper (FRP) to customers with a guaranteed secure income of at least £12,000 which can come from a combined range of sources including a workplace pension, an annuity, the state pension and an overseas pension.
Prudential has also confirmed that it will update this option and will provide Flexi-Access Drawdown to new and existing customers from April 2015, when the income requirement regulations change.
The addition of Flexible Drawdown to FRP means that customers will be able to access pension accumulation, Capped Drawdown, Flexible Drawdown and Phased Drawdown all within a single product.
Vince Smith-Hughes, Head of Business Development at Prudential, said:
“These changes will allow customers to access income drawdown without limits which is suited to clients who want increased control over how they use their retirement savings for income.
“While many advisers will be using these products to create a sustainable income stream, we wanted to provide maximum flexibility to help them cater for individual client circumstances.”
Tulsi Naidu, Executive Director at Prudential said:
“The changes that were made necessary by the Chancellor’s Budget in March have created the opportunity to reignite people’s interest in saving over the long-term in preparation for retirement.
“The new regime is being defined in terms of flexibility and the changes we are making at a product level gives us one of the widest ranges of retirement solutions in this market. We remain focused on helping advisers and their clients benefit from the new pension freedom rules.”
Prudential will now help advisers to meet the retirement income needs of their clients through:
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Flexible Drawdown
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Capped Drawdown
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Asset Backed Annuity, through the Income Choice Annuity
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Conventional Annuities
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