Standard Life has become the first provider to confirm it will offer capped drawdown from April this year.
In December, the Treasury confirmed details of proposals which will remove the requirement to buy an annuity at age 75. This includes the introduction of new capped and flexible drawdown regimes.
Standard Life head of Sipp Alistair Hardie says the firm will provide a capped drawdown facility from April 6. However, a flexible drawdown product will not be ready until “later in 2011”.
Hardie says: “I can confirm that we will be offering capped drawdown alongside three-yearly reviews from April 6. This has required significant system development. Later in 2011 we will be introducing flexible drawdown.”
Last month, Money Marketing revealed some of the UK’s biggest pension providers, including Standard Life, were set to miss the flexible drawdown deadline.