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Standard Life to offer tailored drawdown

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Standard Life is to introduce greater automation to its SIPP drawdown process, enabling advisers to offer a more tailored tax-efficient income solution. This will result in time savings of up to 80% on setting up and managing tax efficient income withdrawals.

The automation means advisers can now tailor drawdown to individual client needs with the option to set up a taxable income stream and/or a tax free cash income stream.
 
This upgrade is designed to help more clients benefit from a high quality drawdown proposition managed by their adviser. Following the introduction of pension freedoms, advisers naturally want their clients to maximise the tax benefits from the complete freedom flexi-access drawdown gives. With unprecedented demand for ongoing drawdown advice, Standard Life has streamlined its processes to ensure advisers are best able to help their clients.
 
Alastair Black (pictured), Standard Life Head of Financial Planning Propositions, says: “Pension freedoms have changed the focus for adviser businesses and for advice itself as choice at retirement has never been wider or so important. Tailored drawdown really makes the best of pension opportunities giving the freedom to build a solution on an individual basis which is exactly what pension freedoms intended. With drawdown rapidly becoming the default option at retirement, we will continue to work with advisers to ensure we have the best possible solutions in place.”
 
Ian McGraw, Partner at Chater Allan Financial Services, says: “Standard Life’s tailored drawdown will enable us to use the pension freedoms more effectively, delivering our clients with an automated tax efficient income stream.  Regular withdrawals can be structured to provide either taxable income, phased payments of tax free cash or a combination of the two to meet an individual’s requirements with adjustments made as circumstances change. The ability to combine these features in conjunction with our firm’s investment process will enable us to provide a personalised flexible retirement solution.”      
 
The upgrade will be implemented by end December 2015.

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