Non-advised drawdown now offered by Pru

stubtoe

I've been wondering how long it would take Pru to launch a non-advised drawdown proposition:

http://citywire.co.uk/new-model-adviser/news/pru-launches-non-advised-drawdown/a845377

Standard Life have been offering something similar for a few months too:

https://www.standardlife.co.uk/c1/accounts-and-services/retirement-products/easy-option-features.page

So now all those DIYers who don't want want to use one of those "untrustworthy, overcharging, scoundrels" (i.e. how the public seem to view ALL financial advisers*) have another option to mess up their retirement all on their own**! :T

The danger with both the Pru and Standard Life offerings is to flog this to the ordinary man on the street they've come up with 'drawdown lifestyle' strategies, which seem to be trying to oversimplify drawdown. Dangerous in my view.


* The vast majority of financial advisers aren't like this by the way, they honestly want to help people by sharing their experience and knowledge and only want to make a living like the rest of us.

** Cynical me reminds myself that even if it all goes horribly wrong for customers taking advantage of non-advised drawdown offerings they'll probably still be able to claim compensation from the FSCS down the line when the next 'miss-selling' scandal hits... "The Pru never told me that I was responsible for my own decisions... I'm just a poor little customer who doesn't understand about pensions... It's not fair - boo hoo hoo!" etc etc. The kicker is that advisers help to fund that compensation. Oh, the irony!