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Novia updates platform for pension freedoms

Clients on Novia’s platform will be able to enter flexi-access drawdown or use new uncrystallised funds pension lump sums.

There is a £62.50+VAT annual charge for using drawdown, and a £62.50+VAT per annum cost for making withdrawals with the UFPLS option.

The platform charge is 0.5 per cent up to £250,000, 0.4 per cent up to £500,000, 0.3 per cent up to £750,000, 0.2 per cent up to £1m and 0.15 per cent for funds over £1m.

Drawdown customers will be able to take regular income annually, quarterly or monthly.

There will be no limits on the number of UFPLS withdrawals someone can make, or a minimum level.

Novia has also updated its death benefit rules to allow people to pass on pension assets to a beneficiary on death. Beneficiaries choosing to take their income through drawdown will be paid without deduction of income tax.

Business development director Shaun Allwright says: “We are delighted to be able to offer our clients and advisers access to all the pension freedom reforms from day-one.

“We have been working closely with our software provider GBST to ensure all of these will all be available from the outset, thereby ensuring advisers can maximise for their clients any potential benefit the new pension freedoms regulations might provide.”

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