Your IndustryAug 25 2016

Guide to flexi-access drawdown

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Approx.60min

    Guide to flexi-access drawdown

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      CPD
      Approx.60min
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      Introduction

      By Simoney Kyriakou
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      The new pension freedoms removed a number of restrictions to the ways in which people could draw down their pension in retirement.

      New rules were introduced for flexi-access drawdown funds, which became available to members of defined contribution (DC) pension schemes from 6 April 2015.

      This guide examines flexi-access drawdown (FAD).

      With flexi-access drawdown, when you come to take your pension you reinvest your pot into funds designed to provide you with a regular retirement income. This income may vary depending on the fund’s performance and it isn’t guaranteed for life.

      This guide covers what flexi-access drawdown is, and for whom is it suitable. The guide also looks at whether these products are too complicated to provide and to explain to the mass market consumer.

      Contributors of information to this guide: John Lawson, head of financial research for Aviva; Richard Parkin, head of pensions at Fidelity International; Colin Simmons, retirement expert at Prudential; Ray Chinn, Head of Pensions and Investments at LV; Gregory Kingston, head of communications for Suffolk Life; David Trenner, technical director for Intelligent Pensions; Adrian Walker, retirement planning expert for Old Mutual Wealth and Jon Greer, pensions technical expert at Old Mutual Wealth; Rod McKie, head of retirement proposition for Zurich; James Hay Partnership; Colin Parkin, managing director of Ample Financial Services; Standard Life Investments; The Financial Conduct Authority; The Association of British Insurers.

      simoney.kyriakou@ft.com

      In this guide

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