Specialist retirement support business Intelligent Pensions is offering a free transfer to its partnership service for its drawdown clients.
The deal means that Intelligent Pensions will give advice to clients while IFAs continue to receive income for their involvement. The company’s partnership service handles compliance responsibility for annuity and drawdown advice.
The move is designed to address concerns from many IFAs that they will be unable to cope with the complex administration of drawdown and the requirement to demonstrate suitability of advice.
“Income drawdown is a relatively complex area of advice, particularly delivering effective and robust exit strategies for clients,” said Intelligent Pensions marketing director Andrew Pennie. “Demonstrating ongoing suitability requires constant attention to meet the regulators requirements and with the upcoming changes to drawdown legislation, we felt this was an ideal time to make this limited offer available to the IFA market.”
New rules come into effect in April allowing customers over the age of 75 who can achieve an annual income of £20k to drawdown as much of their pension as they wish. The offer is open to clients with pensions funds of 100k or more until the end of the financial year.
“Under our drawdown partnership service, we take full compliance responsibility, the client receives a bespoke and competitive ongoing service and our IFA partners are able to receive an ongoing income for their involvement, often the same amount as they currently receive,” said Pennie.
