AllianceBernstein launches capped drawdown product

The ‘retirement bridge' would work in a similar way to an income drawdown product, where retirees receive an income from money that remains invested within a fund structure, but would be available to average pot sizes of £25,000 with fees at less than 1%. The fund manager argued giving people a transition period before they purchase a lifetime annuity would improve their decisions about their retirement needs and could increase their income by 25% at the age of 75, based on gilt yields at current record lows. AllianceBernstein head UK DC Investments David Hutchins said annuities were ...