Zurich confirms non-advised drawdown launch

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Zurich will launch a non-advised drawdown product for its workplace saving customers this month.

In July, Money Marketing revealed the insurer was preparing to allow over 200,000 members of the occupational schemes it operates to enter a new drawdown product without an adviser.

Savers will have to have at least £30,000 to invest in the product and will be able to take just tax-free cash or tax-free cash with regular or ad-hoc payments.

Investors need to be on Zurich’s corporate savings platform but have the option to make an internal transfer from other policies.

Charges have not been revealed though Zurich says they will “depend on the features of the customer’s existing scheme and individual fund selection”.

Head of retirement propositions Rod McKie says: “We continue to believe that financial advice is the best way to help most consumers achieve their desired outcome in retirement.

“However, experience from the first six months of the pension freedoms has shown that a sizeable number of customers feel confident about making retirement decisions for themselves.

“While we remain fully committed to the adviser market – and recommend that customers seek advice or at least guidance from Pension Wise – there is an appetite for non-advised drawdown and making this option available to our workplace members will help them take full advantage of the pension changes.”