Scottish Life launches multi-asset drawdown portfolio range
Governed retirement income portfolios developed for those people who don’t want to buy an annuity.
The Grips have been assessed by Distribution Technology, so those advisers using the Scottish Life dynamic planner risk profiler as part of the investment process can also use the DT risk ratings to assess the appropriate portfolio for their clients.
Although the FSA has been looking at drawdown products, recommending among many things, that drawdown is aimed at more wealthy clients with at least £100,000 of retirement funding, Ms Blyth said: “There is a lot of work involved with drawdown for an IFA, so we believe our template for suitability tool will help advisers discuss the products clearly with their client more efficiently.”
The tool is based on the Barrie and Hibbert Risk Management’s retirement planner.
The charges on these portfolios is the same as other Scottish Life products; ranging from a 1 per cent annual management charge down to about 0.35 per cent if one’s pension pot is above a certain level, which would be retail distribution review friendly.
Alisdair Buchanan, consultant for Scottish Life, said: “We believe this is the right product, proposition and service level for IFAs, and remain committed to distributing these and other products through the intermediary market.”