Who can access our non-advised flexi-access drawdown proposition?

For adviser use only.

The introduction of new pension flexibilities has considerably increased demand for flexi-access drawdown.  

It has however become clear that some investors want an alternative way to access flexi-access drawdown, other than paying for advice. In response to this demand, we now offer non-advised drawdown to existing customers only as detailed below.

Given the complexity of this product though, our first recommendation is always to direct customers to a financial adviser for guidance.

Who can access it?

Packaged customers

Packaged customers can transfer existing accumulation funds to One Retirement to access flexi-access drawdown. This will be done on the following terms:

  • UK resident with a minimum value of £20,000
  • Full fund transfer only, no partial drawdown transfers are permitted
  • Investment choice is SE Cautious Core Portfolio only
  • No guaranteed income option

Aegon Retirement Choices / One Retirement customers

They can activate the drawdown feature within their existing accumulation account. This will be done on the following terms:

  • UK resident with a minimum value of £20,000
  • Full fund transfer only, no partial drawdown movements permitted
  • Investment Choice – SE Cautious Core Portfolio or or existing investment
  • No guaranteed income option

Who can't access it?

Customers with the following requirements or arrangements:

  • Non-UK residents
  • Any form of protection
  • Phasing
  • Requests for income or advice on income withdrawals
  • Request for advice on investments
  • Members of an Occupational Pension Scheme
  • Vulnerable clients

The application process

Origen will facilitate the transaction on Aegon’s behalf via a direct offer on the following basis:

  • At the start of each discussion, we'll always recommend taking regulated financial advice before progressing with flexi-access drawdown on a non-advised basis.
  • Origen won't supply advice or any personal recommendations.
  • This service is supplied free of charge.
  • Origen will have no involvement with the case after it's set up. 

Setting up flexi-access drawdown will generate a tax-free cash payment, but it's the customer’s own responsibility to manage all income withdrawals online.

If they indicate at any stage in the process that they're unsure of what they need, we'll stop and recommend that they get regulated advice.