Pension adviser Richard Jacobs has accused Axa of operating a rationing system when offering unsecured pensions to clients with protected rights money.
Jacobs, director of Richard Jacobs Pension and Trustee Services, says Axa is the last leading insurer not to offer income drawdown for protected rights cash to all customers.
He says: “We are now approaching two years and Axa Sun Life still does not have this product available, regardless of its many promises.
“What is even more obnoxious is the fact that it will offer USPs to those protected clients that suit them. This selection is totally unacceptable in an open marketplace.”
Axa head of wealth management proposition Kevin Dicks says: “Axa currently markets two USP products. The personal pension retirement solutions product does not include protected rights drawdown and has never been marketed as such. Our new offering, not yet fully released to market, will be a feature of the Axa Sipp scheme and will include protected rights drawdown. This product is not universally available to market as Axa is still finalising product details.”