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Drawdown service for IFAs

Retirement specialist Intelligent Pensions is setting up a monitoring

service for IFAs to review their clients&#39 existing income-drawdown plans.

For a fee of 80 a year, the service will provide IFAs with quarterly

reports from Intelligent Pensions detailing the reasons for and against

buying annuities for their clients&#39 drawdown plans.

The reports analyse each fund link in the drawdown plan to identify

whether the right combination of market conditions exists to make it viable

for the fund to be switched to an annuity, depending on the client&#39s

circumstances.

The initial charge for clients is 125 per drawdown plan but the company is

discounting this by 100 for plans registered before June 30.

Intelligent Pensions says the service will help head
off possible

criticism from
the FSA which has voiced
concerns over the standard

of advice on the 60,000 inc-
ome-drawdown policies alre^_ady sold.

Intelligent Pensions managing director Steve Patterso
says: “Most IFAs

know that pension drawdown and annuity deferral for a 70-year-old
is

not on.

“This raises the question of when annuities should be bought for existing

drawdown investors. You cannot recommend annuity deferral and
just leave

it at that.”

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