Introducing Secure Lifetime Income - a new approach to retirement income
We’ve designed a new groundbreaking retirement income solution to help your clients achieve the flexibility and security many of them want following the pension freedoms.
Secure Lifetime Income (SLI) enables you to offer your clients guaranteed income for life within a SIPP, where you do business – on platform.
This means you can easily create a personalised blended retirement income solution for your clients, combining the flexibility of drawdown with the security of a guaranteed income for life. It also helps clients manage the potential risk of running out of money.
Secure Lifetime Income offers benefits to you and your clients
This exciting solution offers a variety of benefits for you and your clients including:
- Guaranteed income for life – SLI provides a guaranteed income rate which you can compare to traditional pension annuity rates
- Death benefit – a lump sum legacy if your client dies during the set death benefit period
- A cash-in option - should your client’s circumstances change significantly during the set cash-in value period
- Simplicity – all their retirement assets held in one place with a single P60 and a single portfolio view
- Tax efficiency - income is paid into the SIPP enabling clients to choose when to withdraw income for tax efficiency.
- A modern way to meet your client needs - opportunities for tax planning and income management on platform
- Business efficiency - a process designed to work with your business and investment management models with an online underwriting, quote and apply process
- Ongoing de-risking option - progressively de-risk your client portfolios as they get older and their risk appetite and capacity for loss changes
- Tax planning opportunities - the flexibility to advise how and when income is taken to match client need and minimise tax.
This new product is available initially on the Novia platform. Find out more about Novia here.