Royal London has reported first half new life and pensions business up 45% year on year to over £6bn thanks to growth in several areas, including income drawdown, but has voiced concern about some aspects of income drawdown growth.

A survey has revealed that 77% of financial advisers have either used or are actively considering using hybrid retirement solutions and 10% overall say that hybrid retirement products have become a key part of their toolkit while 34% say they likely to become key.

Investment advice regarding income drawdown tops the list of queries clients have been asking over the last year relating to the pension changes, advisers have said.

Savers took out £800m worth in payments from income drawdown policies in 170,000 withdrawals in the first two months after the pension reforms kicked in. Read more...