View more on these topics

Prudential plans non-advised drawdown launch

Pensions-savings-retirement-piggy bank

Prudential is to enter the non-advised drawdown market this autumn, Money Marketing understands.

To date the firm is one of several providers who decided not to allow customers to open drawdown policies without an adviser.

In July Money Marketing revealed how providers were offering the pension freedoms to customers.

Legal & General opted out for fear customers would make poor decisions, saying drawdown was “not a straightforward product for consumers who are not taking advice to use”.

Aegon also requires customers to take advice.

Earlier today a spokesman said: “Pensions can be complex and require customers to make decisions about investments, how much income to take and how long their savings might need to last.

“We are still working through our offer and will launch when we are confident it will meet customer needs.”

However, last week Money Marketing reported how Standard Life and Scottish Widows have seen sales of direct drawdown boom.

Standard Life said its proposition – which is based around three investment pots – was its fastest selling product ever.

Providers have lost billions in recent years as the pension reforms saw annuity sales slashed, while the charge cap on default auto-enrolment fund has drastically reduced revenue.



Prudential hires senior asset allocation specialists

Prudential Portfolio Management Group has hired two new senior staff to help run the division’s asset allocation. Michael Coop has joined the firm as head of multi-asset portfolio management, while Ciaran Mulligan will take the role of head of manager oversight. Prudential Portfolio Management Group manages £155.2bn of money in Prudential’s UK fund ranges, including its £76.7bn with […]

Scorpion-Predatory Arthropod Arachnid-Venom-Sting-700.png

Ombudsman backs Prudential in £18k pension liberation case

A complaint made against Prudential after it allowed a customer to transfer to a suspected pension liberation scheme has been rejected. The Pensions Ombudsman ruled against the complainant, Mr Johnston, who said the provider did not carry out sufficient checks and should reimburse him after his £18,000 pot went missing. In 2012 Johnston requested a […]


Prudential UK profits up despite 50% fall in individual annuity sales

Prudential has reported a 7 per cent increase in pre-tax operating profit for its UK business in 2014, despite a 49 per cent fall in individual annuity sales. In its 2014 results, published today, the life office reported a pre-tax operating profit of £752m for its UK business, up from £706m in 2013. An increase […]


News and expert analysis straight to your inbox

Sign up


There are 3 comments at the moment, we would love to hear your opinion too.

  1. At least the Pru has sufficient resources available to manage the raft of complaints waiting in the sidelines as more and more policyholders make the wrong decisions.
    Income drawdown is very complex, and all investors need professional advice before making such an important decision.

  2. How long before the complaints start to roll in?.

  3. Will the Pru accept non advised drawdown from us yet?
    does any one out there know of a provider who will accept non advised drawdown from an IFA

Leave a comment