Norwich Union has added an income drawdown plan to its retirement range and has boosted its personal pension with 73 new funds.
The retirement solutions range allows customers to move between personal pensions, Sipps, income drawdown and wrap as their needs change.
There are now 199 funds available through the personal pension. The income drawdown option is available to new and existing customers where the sophistication of a full Sipp is not needed.
Head of pensions Iain Oliver says: “Sipps are a niche pension product designed primarily for sophisticated, high-net-worth customers. In essence, we are providing a wider range of pension customers with a lot of the control, flexibility and fund choice they are looking for with a Sipp at a more competitive cost.
“From extensive research, we identified that the majority of customers and advisers want access to a high quality and diverse investment range, the flexibility to take income as and when they need it and the convenience of seeing the value of the customer’s investments and money in the plan online.”