Axa Wealth has introduced flexible drawdown to the Retirement Wealth Account, its main Sipp account, more than two years after the Government introduced the new regime.
Flexible drawdown has been available as an option to savers with more than £20,000 in secure retirement income since 6 April 2011.
Savers who use flexible drawdown are able to withdraw as much income from their pension fund as they want.
Axa Wealth managing director of specialist products Nick Elphick says: “Flexible drawdown gives clients more freedom with their income in retirement and as people are working and living longer these additional options have never been more important.
“The introduction of flexible drawdown to the Retirement Wealth Account is an important addition and further enforces the continued commitment by AXA Wealth in a market where advisers have limited options.”
Axa Wealth will charge investors £240 a year to use the flexible drawdown option.
Major insurers have been slow to develop products which facilitate flexible drawdown. LV= is the most prominent provider in the market, having launched its proposition in April 2011, while Standard Life and Skandia have also launched rival flexible drawdown propositions.
In addition a number of bespoke Sipp providers, including A J Bell, Hornbuckle Mitchell and Suffolk Life, offer flexible drawdown as an option to their clients.