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Widows adds drawdown function to retirement account

Scottish Widows is adding a new retirement income drawdown function to its retirement account.

The feature will allow retirement planning – accumulation – and retirement income – drawdown – within the single plan, offering the full range of options within one process, without having to be sold and repurchased.

The update will be hosted on the same platform as the accumulation element of the retirement account.

It now contains the following features – total transparency with unbundled charging structure, access to over 1,000 funds with no charging bias to in-house funds and no initial charges – including those through the retirement account’s fund supermarket.

The platform also gives access to discretionary fund management and commercial proprty, as well as allowing all positive balances held in the cash account, to attract the full Bank of England base rate.

Head of retirement income and planning Iain McGowan says: “Scottish Widows is offering an alternative to the traditional Sipp route through the Retirement Account – with its clear and transparent charging structure, access to protected rights and bank base rate on cash.

“Adding the drawdown capability of retirement income means that the Scottish Widows’ Retirement Account now provides the complete retirement planning solution within a single plan.”

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