Parmenion adds ‘drawdown’ to Sipp ahead of April
Parmenion is to launch additional features on its self invested personal pension on 7 April, the day after new pension freedoms come into force, including a flexi-access drawdown facility.
Payment of both lifetime income and capital withdrawals will be free of cost as will be the deduction of tax and the provision of electronic statements for clients with investments in the Parmenion Sipp, the firm said in a statement.
It added it has developed all of its Sipp functionality entirely in-house in order to ensure a seamless integration with its online tools and investment solutions.
Parmenion launched its investment Sipp in June 2014. The Pension Investment Account is an in-house self-invested pension that will be available to platform clients.
The launch announcement follows yesterday’s (28 January) unveiling by Zurich of a range of new services from April to support advisers and their customers wanting to take advantage of the new pension reforms.
The insurer will offer an enhanced drawdown capability, allowing customers to take unrestricted income under the new flexi-access drawdown regulations. It will also support uncrystallised fund pension lump sums.
Other providers who have released details of their new retirement propositions include Aegon, which has explained that its platform will enable customers and their advisers to combine income drawdown and unit-linked guarantees.
Richard Goodall, head of distribution and partner at Parmenion said: “The new pension freedoms transform the relationship between clients and their pension assets.
“With flexible access to capital on one hand, and possible exemption from inheritance tax on the other, an investor’s pension really is the ‘jewel in the crown’ of their portfolio.”
He added that “many more” clients will enter drawdown than in the past and Parmenion will be able to facilitate this new flexibility from the first working day after the new tax year.
“Looking ahead we have plans to further assist advisers with tools to make the advice journey simpler and less time consuming for all.
“Our goal is to create solutions which make it easier for advisers to do business. This development capitalises on our ability to integrate intuitive technology, robust discretionary investment management and cost effective administration services.”
ruth.gillbe@ft.com
