All Drawdown articles – Page 4
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News
Retirees emptying their pots at record rates
On the go: Retirees are withdrawing funds from their pension pots at unsustainable levels, according to the Financial Conduct Authority’s latest retirement data bulletinpublished today.
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Features
BAE Systems brings in new default to target drawdown
The BAE Systems Pension Scheme has put in place a new defined contribution lifestyle option targeting drawdown, giving members more flexibility following the introduction of freedom and choice.
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News
Record 336,000 retirees access their pensions
On the go: More retirees than ever are withdrawing money from their pension pots as the popularity of freedom and choice continues unabated.
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News
Contingent charging to be banned by November under FCA proposal
On the go: Contingent charging could be banned by November this year under new plans by the Financial Conduct Authority, which released a package of measures on Tuesday aiming to boost consumer rights.
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News
Royal London: Retirees’ withdrawals range from 4 per cent to 10 per cent a year
On the go: People using the pension freedoms are taking income at rates varying from 4 per cent to 10 per cent, depending on their pot size and income needs.
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News
Hidden drawdown dangers for 615,000 retirees
On the go: Hundreds of thousands of over-55s are unaware they can scale back or stop their withdrawals from their drawdown income, putting them in danger of draining their retirement savings too rapidly.
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PodcastsPodcast: How will investment pathways help consumers?
Podcast: In January, the Financial Conduct Authority launched its consultation on investment pathways and other proposed changes to its rules and guidance. The consultation closed in April and the watchdog plans to publish its final rules and guidance in July. In this podcast, Jonathan Parker, director of DC and financial well-being consulting at Redington, discusses how investment pathways will help savers make more appropriate choices, and explains why smaller providers should not be exempt from the proposed regulations.
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NewsFCA investment pathway proposals welcomed, but concerns remain
The Financial Conduct Authority’s recent proposals on investment pathways have been widely welcomed, but questions remain over the suitability of ready-made drawdown solutions.
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News
FCA proposes rules on investment pathways
On the go: The Financial Conduct Authority has set out its second proposed package of remedies from its Retirement Outcomes Review, in a consultation on investment pathways, ensuring investment in cash is an active decision, and actual charges information.
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FeaturesGSK launches new investment options for DC members
Global healthcare company GlaxoSmithKline and the trustees of its pension plans have introduced two new defined contribution lifestyle options, responding to a change in member retirement saving behaviour following the introduction of pension freedoms in 2015.
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NewsM&B switches to drawdown and moves deferreds to master trust
The Mitchells & Butlers pension scheme has updated its defined contribution default strategy to target drawdown purchase, directing members to a master trust for retirement provision.
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FeaturesJLT switch to TDF default sees boost in engagement
An overhaul of the default arrangement in the Jardine Lloyd Thompson Pension Scheme’s defined contribution section, switching from a lifestyle arrangement to target date funds, has brought its more engaged members back from their self-select funds.
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News
Providers say retirement defaults could help poorer pensioners
Research highlighting the increasingly complex financial decisions and lower levels of income facing the next generation of retirees has led to renewed calls for default pathways through retirement.
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NewsAviva customers hit by system glitch
Pension provider Aviva has admitted that a number of its customers were unable to access their pension policies on its MyAviva system. The delays have prevented some customers from transferring their pensions.
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News
Lessons from Oz: Former regulator urges hybrid product adoption
A former deputy chairman of the Australian Securities and Investments Commission has urged UK defined contribution schemes to better protect members by developing default retirement products combining drawdown and lifetime income.
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FeaturesLloyds switches DGF for equities in default fund
Trustees of the Lloyds Bank Pension Scheme No.1 have overhauled the default offering for their defined contribution members, ditching a diversified growth fund for a 100 per cent equity allocation in the first years of saving.
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OpinionIndustry right to reject death by Isa
From the blog: MPs may have migrated to warmer climes to relax during the parliamentary recess, but the civil servants at HM Treasury have evidently been working away behind the scenes.
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News
DB transfers heading into costly drawdown products, research finds
Defined benefit members transferring out of their scheme to take advantage of freedom and choice may be wasting money on fees for flexibilities they are unlikely to use, according to a new report.
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OpinionWhat have we learnt from the FCA's Retirement Outcomes Review?
The pensions industry will look back on the publication of the Financial Conduct Authority’s final findings from its Retirement Outcomes Review as a watershed moment in the steady shift from defined benefit to defined contribution.
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Features
Should the FCA set a drawdown charge cap?
The Financial Conduct Authority’s final report for its Retirement Outcomes Review focused on the challenges facing drawdown consumers.