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GE Life claims drawdown plan offers potential IHT savings

GE Life is introducing a phased drawdown plan it claims can minimise potential inheritance tax liabilities.

The product is aimed at clients who require income but not a one-off cash lump sum and would suit someone wanting to manage the transition from part-time employment to full retirement, says GE Life.

The company says it will also help pensioners who want to maximise the lump sum available on death and minimise IHT liabilities.

There are four investment options – GE Life&#39s unit-linked investment funds including 41 funds managed by institutional fund managers and 15 managed by external managers, a discretionary pension portfolio with links to four investment managers, a simplified Sipp with access to a range of collective investments and GE Life&#39s unit-linked investment funds or a fully fledged Sipp.

Minimum initial investment is £150,000 and investors can choose to draw income monthly, quarterly, half-yearly, annually or as required.

GE Life will accept additional premiums once the plan is set up and clients have the option of segregating different types of transfer.

The provider has also simplified the terms and revised the charging structure on its existing drawdown plan and discretionary pension portfolio, which it says will make the service more user-friendly for IFAs.

Chief executive Scott Dolfi says: “Since the mid-1990s,GE Life has been at the forefront of drawdown developments and innovation. By rev- iewing key elements of our proposition, we aim to reinforce our commitment to this market and maintain our position as a front-runner.

“Phased drawdown plans have previously been regarded as complex to administer and poorly serviced. By creating this product, we feel we have devised a plan which meets the needs of IFAs and their clients.”


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