PlatformsJun 2 2014

DFM platform developing at-retirement product suite

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Discretionary investment and platform service provider Parmenion has announced the launch of its Pension Investment Account, an in-house self-invested pension that will be available to platform clients.

While over 30 third-party Sipp wrappers are available on the platform, Parmenion said in a statement there had been “significant demand” from advisers for an in-house option.

It added that it is working towards rolling out a suite of at-retirement product options to provide an income for pension savers, in the wake of Budget changes that are likely to prompt many to eschew annuities in favour of more flexible alternatives.

The company said it has already received over 100 pension applications for processing and the ‘at-retirement’ suite of products is currently in development.

Discussing the self-invested launch, Parmenion Sipp manager Diane Jones said: “We need to control the whole process to ensure usability and an integrated journey for all portfolios on our platform, across all tax wrappers.

“It’s the only way to continue to provide the award winning service that our supporters value so highly.

“We’ve got the necessary in-house expertise and it means that the Sipp has just become just an extension of what we do and do well. The whole system is process driven, rather than admin driven and therein lies it’s strength.”

All system functions have been successfully tested over the last four weeks with a small number of supporting advisers and all feedback has been positive, the firm added.