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MGM Advantage enters drawdown market

MGM Advantage is to launch an advised-only drawdown product to give savers access to the freedoms announced in the Budget.

Product and marketing director Peter Carter says the product aims to meet the demands of people who have delayed making a decision about what to do with their pension until the freedoms go live in April.

He says the Retirement Account will give flexibility over how income is taken, as well as guaranteed income.

The Retirement Account is only available through advisers and has been designed for pension pots worth between £30,000 and £250,000.

Carter says: “Customers have told us they want a guaranteed income to pay the bills, want to retain access to their capital whenever they may need it, and want to grow the value of their investment over time. They also want any product to be flexible and adaptable to their changing needs during retirement, as well as be able to pass on funds to dependents.

“The Retirement Account will deliver these options in one product, in a cost effective way for clients and their advisers. Any product which is not delivering on all these fronts is unlikely to meet the new retirement expectations.”

Further details on the product will be announced in the new year, MGM says.

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  1. How many clients with 30-50k will pay an adviser the going rate to get advice. The going rate has to be relatively high due the risk of being sued in 20 years time. The risk involved and the time taken to do a proper job will cost more than a few hundred pounds

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