The credit crunch is forcing financial advisers to rethink their approach to income drawdown and other risk-based products, according to responses to a survey of the income drawdown sector.
Getting a decent rate for cash held in self-invested personal pensions (Sipps) or small self-administered schemes (SSASs) is difficult at the best of times, but compounded by the current environment. However, London & Country has launched a new account that offers a minimum of 3%.
The Financial Services Authority (FSA) claims it is not aware of the long-running problems with transferring a Sipp to a different provider, but warns it will issue guidance should it be presented with evidence of sloppy behaviour.