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Skandia set to offer income drawdown on protected rights

Skandia says offering income drawdown on protected rights is its top priority after the firm came under fire for not offering the facility.

In August, Richard Jacobs Pension & Trustee Services director Richard Jacobs promised to name and shame providers he accused of failing to offer the full range of post-A-Day products.

Jacobs says he is disapp- ointed that Skandia is not offering drawdown on protected rights and that the firm is also only offering alternatively secured pensions to its Sipp clients.

Jacobs believes Skandia’s post-A-Day offering has been hampered by its takeover by Old Mutual in February.

Jacobs says: “I had been moving lots of business to them but I have now stopped. What the hell is going on?”

Skandia head of marketing for life and pensions Billy Mackay says: “The takeover has not affected our systems. We had to prioritise making our systems fully compliant for A-Day, which was a massive project. Now our biggest priority is to offer drawdown on protected rights and it will undoubtedly be introduced some time next year.”

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