Scottish Life launches income drawdown technical support for IFAs
Thursday, 31 July 2008
Scottish Life, the pensions specialist arm of the Royal London Group, has launched a series of technical information leaflets on income drawdown to help IFAs advise their clients appropriately and determine whether income drawdown is a suitable retirement option.
The leaflets (which are available from www.scottishlife.co.uk/incomerelease ) highlight the issues and potential risks that IFAs need to consider when recommending income drawdown, and cover the following topics:
- Critical yield
- What factors trigger a recalculation of max GAD income
- Calculating max GAD income
- PCLS recycling
- Death benefits from crystallised and uncrystallised funds
- Income drawdown and the advice process
- Building investment portfolios for drawdown
- Comparing retirement benefit options
Keith MacPherson, Head of Individual Business at Scottish Life, commented:
"Income drawdown is a particularly complex area of financial planning and clients looking to access their pension have many options available to them. The pros and cons require careful consideration before any decision is made.
"Financial advisers need a full understanding of the options available, and of their clients' personal circumstances, before they can make a recommendation. These leaflets have been designed to help provide answers to the technical queries surrounding income drawdown that we are frequently asked by IFAs. As a champion of independent financial advice, Scottish Life has an ongoing commitment to provide IFAs with the support and information they need to give clients the best possible advice."
- ENDS -
For further information please contact:
Scottish Life
Alasdair Buchanan
Head of Communications
Tel: 0131 456 7133
Polhill Communications
Jenette Greenwood
Tel: 020 7655 0530
Editor's Notes:
Scottish Life was founded in 1881 in Edinburgh as a proprietary company, becoming a mutual company in 1968.
On 1 July 2001, Scottish Life demutualised and transferred its business to The Royal London Mutual Insurance Society Limited. Scottish Life is a division of Royal London and is the specialist pensions business within the Group, providing individual and group pensions to the market via intermediaries.
Scottish Life and Royal London's other intermediary businesses are based in Edinburgh where 1,190 staff are employed, with 460 working in other parts of the UK and overseas.
Royal London Group is a specialist financial service provider. Its businesses focus on those sectors of the market which value premium propositions, operating through a number of brands:
- Scottish Life – UK pensions market
- Bright Grey – UK protection market
- Scottish Life International – offshore investment markets
- Scottish Provident International – offshore investment markets
- RLAM – fund management
- RLAS – life and pensions administration
- Fundsdirect / Ascentric – funds supermarket; Wrap Platform
Royal London is one of the stronger life and pension companies in the UK, and has a strong track record for with-profits performance.
Royal London is the largest mutual life and pensions company in the UK with Group funds under management of £32.6 billion. Group businesses serve around three million customers and employ 2,630 people (figures quoted are as at 31 March 2008).