The plan - which launched in September - is a SIPP that contains a flexible investment element offering a choice of investment funds and a cash account as well as an annuity. Aimed at the approximately 60% of people who have health or lifestyle issues at retirement, this move means that people who have already accessed their pension pot, can now use this hybrid product.
Andrew Megson, Managing Director of Retirement, at Partnership said:
“When we announced the launch of ERA at the end of September, it was the first of its kind and we have been working very hard to educate the market about the potential benefits it offers consumers. Speaking to intermediaries, we found that there was a real demand for this type of product from customers who may already have accessed their pension pot under the pension freedoms but now wanted a guaranteed income with some drawdown flexibility. We are therefore delighted to announce that ERA is now available to those with crystallised as well as uncrystallised pension pots.”
