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Skandia to accept flexible drawdown transfers

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Skandia has extended the flexible drawdown facility on its Collective Retirement Account to accept transfers from other registered pension schemes.

The change means clients who have a flexible drawdown arrangement with a rival provider will be able to move their fund to Skandia.

Skandia retirement planning manager Adrian Walker says the decision was made in response to demand from advisers.

He says: “As the flexible drawdown market has developed, alternative fee structures have become available which should inform the advice review process for any client with such investments. 

“When we launched flexible drawdown in our Collective Retirement Account originally it was a very new market, and people weren’t likely to enter into a drawdown scheme and then transfer immediately out of it to another. 

“However, as the market has matured slightly, we are seeing increased demand from advisers who are taking the opportunity to review their clients’ costs in this area.”

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