Simplifying our drawdown illustrations
From the week of the 16th March, our drawdown illustrations are going to look a little bit different.
We’ve added a new summary page near the front of the document. This makes it easier for your clients to see key drawdown information on their pension, at a glance.
The new summary page includes:
- The current value of their pension portfolios
- Any regular withdrawals being taken over the next 12 months
- The amount of tax free cash they have left
- What they’ll pay in charges over the next 12 months, to help them compare with other providers
- How much their pension might be worth in 5 & 10 years
- How old they’ll be when their pension pot runs out
What does the new summary page look like?
If you’d like to take a look at a sample of the new summary page, click on the link below to download a copy.
Why the change?
The change comes off the back of the Retirement Outcomes Review and the Policy Statement which followed. One of the aims of this review, alongside other things was to promote competition – by making the cost of drawdown products clearer and comparisons easier.
What happens next?
The new summary page will be included on all new drawdown illustrations from the week of the 16th March.
If you’d like to know more, get in touch with our Client Services team on 0117 204 7678.
“The above article is intended to be a topical commentary and should not be construed as financial advice from either the author or Parmenion Capital Partners LLP. If a client wishes to obtain financial advice as to whether an investment is suitable for their needs, they should consult an authorised Financial Adviser. Past performance is not an indicator of future returns.”
Any news and/or views expressed within this document are intended as general information only and should not be viewed as a form of personal recommendation. All investment carries risk and it is important you understand this. If you are in any doubt about whether an investment is suitable for you, please contact your financial adviser.