Retirement income firm Retirement Advantage’s new annuity and drawdown blended product will be powered by GBST’s Composer platform.
The Retirement Account is due to launch imminently and allows advisers to move clients’ funds between a guaranteed income stream and flexible drawdown function.
Charges for the product have not yet been revealed.
Retirement Advantage chief operating officer Craig Fazzini-Jones says: “The Retirement Account is our response to the new opportunities created by these changes. We are developing something which is genuinely different, offering the security, flexibility, and access clients are looking for from one product.
“We will continue to support financial advisers by offering their clients a compelling proposition which meets their on-going needs through retirement.”
GBST Wealth Management chief executive Robert DeDominicis says: “This agreement with Retirement Advantage reiterates the superiority of our proposition within this space.
“The flexibility of the Composer platform and its capability to support and administer different products including annuities and income drawdown side-by-side, will allow Retirement Advantage to continue to develop its retirement product range to meet evolving customer needs and build competitive advantage within the changing regulatory environment.”
GBST is also due to power annuity provider Just Retirement’s platform.