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Retirement Advantage picks technology for third way product

Retirement Advantage picks technology for third way product

Retirement Advantage’s new guaranteed drawdown product will be backed by GBST’s Composer platform.

The Retirement Account - a blended product combining annuity guarantee with drawdown flexibility - was announced last week and will launch within the next quarter.

Robert DeDominicis, chief executive at GBST Wealth Management, explained that the flexibility of their platform and its capability to support and administer different products, including annuities and income drawdown side-by-side, “will allow Retirement Advantage to continue to develop its product range to meet evolving customer needs within the changing regulatory environment”.

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Craig Fazzini-Jones, chief operating officer at Retirement Advantage, added that they are developing something which is “genuinely different”, offering the security, flexibility and access clients are looking for from one product.

“We will continue to support financial advisers by offering their clients a compelling proposition which meets their on-going needs through retirement,” he added.

The Composer solution today supports three of UK retirement savings platforms and is also due to power annuity provider Just Retirement’s platform.