The Pension Choices Plan is targeted at those who do not feel the need for a financial adviser, with a minimum investment of £25,000.
Investment choice covers four funds within Prudential’s risk-managed and smoothed PruFund range as well as four funds from the risk-rated Dynamic Portfolios range.
A cash fund is also available for capital protection ahead of investment growth.
Transfers to an annuity or to another provider can be made at any time without charge, and there will be no charge for withdrawals and no limit on the number or frequency of withdrawals, Prudential said.
Executive director of distribution, John Warburton, said: “We are unwavering in our belief that a majority of people will find financial advice to be the best protection against taking a wrong turn in the retirement planning journey.
“However, we also respect the significance of choice within the new pension freedom regime so it is important that we accommodate those who feel comfortable making big retirement decisions for themselves.”
He added that there was an appetite from existing customers for a non-advised drawdown proposition, particularly where there was a wish to access a fund over a few years without triggering a large tax payment.
