Old Mutual Wealth to launch flexi-access drawdown ahead of pensions freedom

Old Mutual Wealth is to launch a flexi-access drawdown facility on its Collective Retirement Account ahead of pensions freedom on 6 April.

The option will be available to all existing and new customers. It will also facilitate the transfer to nominated beneficiaries upon death. Old Mutual Wealth said clients can set up monthly income payments or take ad hoc withdrawals from uncrystallised funds at intervals that suit them. It added the tax free cash element (normally 25%) can either be taken in one go up front or in instalments as part of each ad hoc withdrawal. Retirement planning manager Adrian Walker (pictured) said: "We believe that people should be trusted with their pension savings and so are pleased to be offer...