Retirement specialist Just Group has unveiled changes to the options available on its Secure Lifetime Income (SLI) retirement income solution to give more flexibility on legacy benefits.
SLI is available through Invesco, FE fundinfo, Copia Capital, Wealthtime, Timeline, FinCalc, 7IM, EV, Sparrows Capital and Oxford Risk and is a personalised, underwritten guaranteed income producing asset that helps advisers manage clients’ investment and longevity risk within the convenience, transparency and tax-efficiency of a platform-hosted SIPP wrapper.
The changes, applicable to quotes on all policies will simplify the structure offered by SLI in order to offer a more compelling death benefit proposition to clients keen to maximise value in the event of early death. It also helps advisers better meet their regulatory obligations for ensuring income sustainability.
Just has added the enhanced option of a full 100% Value Protection feature which will pay back the purchase price minus any income payments already made to a beneficiary. This introduces a ‘moneyback’ guarantee ensuring the payments received are at least equal to the original premium paid.
Stuart Slegg, head of retail investment solutions at Just Group, said: “This is an important evolution of the first generation of the SLI solution in response to adviser and client feedback. We know that displaying SLI as a unitised value alongside other assets is attractive and these changes will better align the death benefit option with client preferences.”
Russell Lancaster, Managing Director, Platform and Intermediary Partnership at 7IM, said: “It’s encouraging to see Just Group continue to enhance its innovative SLI solution. Retirees are very sensitive to trade-offs between guaranteed income and death benefits, so the added flexibility that Just Group has introduced in these areas is welcome and can make a real difference to how advisers support their clients.”
Patrick Mill, CEO, at Wealthtime and Copia Capital, said: “We’re pleased to see SLI evolving to better meet the market and clients’ needs. This will be a popular change that will help expand the appeal of this guaranteed income solution to a wider client base.”
