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Adviser criticism leads to Pru backtracking on drawdown change

Close up Businessman hand holding pen and pointing at financial paperwork with financial network diagram.Prudential has reversed its decision to stop clients from being able to enter income drawdown through its Flexible Retirement Plan.

In July Money Marketing revealed the provider was closing the product to new business and had written to clients and advisers to inform them of the change.

At that time, Prudential said it would stop accepting new top-up contributions or transfers, and no longer accept new money into the income drawdown option from 17 September.

Following feedback from advisers, the provider has reversed its decision on drawdown and will allow existing customers to access the service.

The Flexible Retirement Plan launched in 2005 with its Sipp option in 2006, followed by drawdown a year later and PruFund options in 2008.

The decision to close the product was made in light of the more modern services offered by the Prudential Retirement Account, which was launched in 2016.

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