The Axa Elevate platform has introduced an online income-drawdown facility which aims to give advisers more control over management of client pensions.
Advisers using Elevate’s pension investment account can now change the regular drawdown income that a client is taking and alter their income withdrawal strategy.
They can make a one-off payment to a client and, through resetting which investments are sold to pay the USP drawdown, actively manage investment sales.
Head of marketing Ian Thomas says: “It is possible for an adviser to instigate the set-up of a new drawdown and the payment of the tax-free lump sum and have this completed within the day. There is nothing to stop a client meeting their adviser at breakfast, agreeing to take their benefits from the Elevate PIA and receiving a tax-free lump sum in their bank account the following day.”
Ring Associates director Simon Ring, who uses Standard Life’s platform, says the enhancements will prove useful to IFAs on Axa Elevate. He says: “We would love this facility on the Standard Life wrap because one of the failings of this wrap is that you cannot do anything with drawdown. For example, if you have got some crystallised and some uncrystallised benefits, you cannot identify on screen which ones are which.”