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More life offices to miss drawdown date

Scottish Widows, Friends Provident and Royal London are the latest pension providers to confirm they will not have a flexible drawdown product available from April this year.

The new capped and flexible drawdown regime will go ahead from April 6 despite strong opposition from pension firms.

Last month, Money Marketing revealed Prudential, Standard Life and Aegon will not have a flexible product available in time.

Legal & General and Aviva are unable to say if they will have a flexible drawdown product ready to meet the Treasury start date.

Standard Life and Friends are the only providers to confirm they will be able to offer flexible drawdown this year.

Prudential, Scottish Widows, Standard Life, Friends and Royal London have said they will have a capped drawdown product in place by April.

Aegon says it is conducting “ongoing internal meetings” to determine whether or not the timescale is viable and Legal & General, and Aviva would not comment.

Burrows & Cummins partner Billy Burrows says: “Flexible drawdown looks attractive but I struggle to see how many people are going to take huge income payments and pay up to 50 per cent tax on it. I think that it is more important for providers to offer capped drawdown.”

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