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Scottish Widows launches new drawdown income tool

Scottish Widows head of individual propositions Catherine Stewart

Scottish Widows has launched a new drawdown capability tool to help IFAs manage income withdrawals for clients better.

The new feature is available through Scottish Widows’ Retirement Account and gives customers a flexible and tax efficient way to take money from their savings.

The aim of the tool is to make clients’ pots last longer and reduce administration overheads for advisers.

Income payments can be made monthly, quarterly, bi-annually or annually and there is no charge for phone support.

Scottish Widows says this drawdown capability and the four retirement funds it launched in February provide IFAs with the right tools to build flexible retirement solutions.

The provider’s head of individual propositions Catherine Stewart says: “We are underlining our commitment to supporting advisers to serve their clients through this flexible, easy to use proposition.

“In particular, the integrated flexible payments option and tax-optimising ability makes it easier for advisers to offer a long-term, sustainable withdrawal strategy that fits with each client’s personal circumstances.”

At the beginning of April BNY Mellon Investment Management and Hymans Robertson said they are set to launch a drawdown tool for financial advisers.

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Comments

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  1. Andrew Macintyre 16th April 2018 at 2:31 pm

    Phased withdrawal of tax free cash from pensions is neither a “tool” not is it anything new. Plenty of pension providers have offered this bog standard facility for ages now. Do Scottish Widows really think this is worth shouting about?

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