Novia to offer all Pension Freedom options

Novia to offer all Pension Freedom options

Advisers and clients using Novia on or post-April 6 had access to all pension freedom options as the platform was compliant with all HMRC stipulations, Shaun Allwright has said.

“We have been working to ensure all of these will be available from the outset, ensuring advisers can maximise for their clients any potential benefit the new pension freedoms regulations might provide”, the business development director said.

Advisers using the platform on or since the launch can provide options such as flexi-access drawdown, uncrystallised funds pension lump sum and more flexible death benefits.

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Clients in an existing capped drawdown wrapper can keep it intact and crystallise any further contributions into it.

The flexi-access offering gives automatic disinvestments annually, quarterly or monthly.

Clients can also request an ad-hoc lump sum payment, after getting advice, and receive their tax free and taxable portion on the same day.

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Blair Cann, partner at Hertfordshire-based M Thurlow Financial Planners, said: “The flexibility and offerings sound admirable and should be applauded. Many big providers were not ready, but more are now up and running. The best option for clients, if they are insistent on urgent action and face delays, then the only answer is to transfer.”