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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.



FCA halves Budget guidance levy for advisers

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Value for money in DC pensions

The Pension Policy Institute (PPI)’s recent report “Value for money in DC pensions” tries to identify factors by which people can assess whether their pension offers fair value for money (VFM). Fiona Tait provides an overview of the findings. Positive Outcomes It is extremely hard to assess VFM in a pension. Press activity naturally focuses […]

Iain Chadwick

The Budget 2015: a brief overview

Following George Osborne’s delivery of his sixth Budget as chancellor and the last of this current parliament, we have provided a brief overview of the initiatives put forward in his statement, focusing on the topics that have an impact upon the pensions landscape, savings, personal taxation and businesses.


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There is one comment at the moment, we would love to hear your opinion too.

  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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