LV is launching an updated version of its advice aid Retirement Hopscotch to reflect the pension reforms that were announced in the Budget.
The online tool was designed in December 2013 to help advisers discuss the retirement income options available with their clients and now takes into account how overall income impacts a client’s tax position.
In addition, the drawdown options on the Hopscotch grid have been revised to include ‘managed drawdown’ and ‘full and partial drawdown’.
The tool also highlights that disclosed medical conditions will never reduce the income payable.
It includes information that advisers should consider when discussing how clients structure their retirement income and covers important issues such as health and tax and potential risks such as inflation, longevity and change of circumstances.
Once certain criteria has been established, the interactive tool then details the various income options clients should consider.
John Perks, managing director for retirement solutions at LV, said: “Most retirees will need help navigating the new retirement income landscape and Hopscotch enables advisers to effectively showcase the retirement propositions available in the market.
“We remain committed to working with advisers and have created this tool to help them demonstrate the value of advice at retirement.”
Alan Lakey, partner at Highclere Financial Services, added: “This is clearly a very useful way of showing clients the options available and whittling down the options until one fits.”
peter.walker@ft.com
