Drawdown

Standard Life has become the latest provider to face adviser criticism as some life companies seemingly struggle to deal with pensions changes they claimed they were prepared for.

'Retirement ready' clients need long-term advice

'Pensions freedom will be a minefield'

Parmenion has added four withdrawal options to its in-house self-invested personal pension (SIPP) offering, including uncrystallised lump sum (UFPLS).

Providers have said a charge cap on income drawdown, as proposed by Labour leader Ed Miliband, is "unnecessary" and a "solution to a problem that does not even exist".

A drawdown charge cap should be placed on sales to provider's existing customers to ensure people are not sold inappropriate products after pensions freedom comes into effect, Which? has said.

Standard Life will scrap charges linked to its flexible drawdown product in readiness for pensions freedom from 6 April.

Drawdown decisions: Pensions freedom options for retired clients

Axa Life Invest has added a death benefit guarantee to its drawdown offering to protect the amount passed on to family or dependents if a client dies before age 75.

Adviser network Tenet is offering its members licences to self-approve drawdown advice in a bid to speed up its processes ahead of the incoming pension reforms.