Related topic: Drawdown

Anna Lewis, commercial director at Castle Trust Bank, says understanding how drawdowns work can help brokers build smarter funding strategies for their clients, recommend structures...

Among queries on drawdown products, the half-yearly average reserve amount has risen by 17%.

The firm says the changes offer increased flexibility for advisers and their clients.

Aegon has also implemented a pension income reliability feature, designed to eliminate unnecessary delays with drawdown income.

The SPP says it is possible that some DC savers may see a reduction in retirement income of up to 20%.