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New pension drawdown products
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Posts: 483 Forumite
Here they come! Hargreaves Lansdown have released details of their new pension product to take advantage of the new pension rules to take effect from 5th April 2015
https://www.hl.co.uk/pensions/income-drawdown/new
https://www.hl.co.uk/pensions/income-drawdown/new
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I commented on this earlier in this post
http://forums.moneysavingexpert.com/showpost.php?p=67746777&postcount=28I came, I saw, I melted0 -
Well I think it deserves its own thread
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Here they come! Hargreaves Lansdown has released details of their new pension product
Except it is not a new product. It is a charge adjustment to their existing product coupled with marketing spin.
As it stands, there are unlikely to be many new drawdown products as providers will just edit the terms on their existing ones. The major new products will be on the annuity side.https://www.hl.co.uk/pensions/income-drawdown/new
website says: We are the first provider in the UK to announce the launch of their New Drawdown plan.
You cant knock HL for their marketing spin. However, they are not the first provider as most providers already have products that comply with the changes.I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.0 -
Oh dear, sorry. Should I take the thread down? :embarasseExcept it is not a new product. It is a charge adjustment to their existing product coupled with marketing spin.
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You cant knock HL for their marketing spin. However, they are not the first provider as most providers already have products that comply with the changes.0 -
Oh dear, sorry. Should I take the thread down? :embarasse
No. However, a good lesson to learn is that HL have an excellent marketing department but you should take much of it with a pinch of salt.
The UK's largest drawdown provider (not HL) sent out notifications back on 19th January saying which of their existing plans would or would not comply with the new rules and verified that its current new business product would offer it. That same provider also mentioned how they had won best service award for 4 out of the last 5 years. Yet HL say they won an award for service too. Awards are thrown around like candy from many different sources and should largely be ignored as even the worst providers can point to awards they have won.I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.0 -
May I ask who that is?The UK's largest drawdown provider (not HL) sent out notifications back on 19th January saying which of their existing plans would or would not comply with the new rules and verified that its current new business product would offer it. That same provider almost mentioned how they had won best service award for 4 out of the last 5 years.0 -
I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.0
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Steve Webb suggested that we could see a decade of innovation in terms of new retirement products.
What we are more likely to see first though is a year of spin.I work for a financial services intermediary specialising in the at-retirement market. I am not a financial adviser, and any comments represent my opinion only and should not be construed as advice or a recommendation0 -
It's all very well bemoaning "spin" but their charges look good to me, save for their 0.45%p.a. running charge. So it probably remains a decent choice for someone with only a modest sum. Such as me.
Mind you, I'm always keen to hear about somebody cheaper. Any suggestions?Free the dunston one next time too.0
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