Pensions  

Old Mutual Wealth

Old Mutual Wealth

Old Mutual has launched a new retirement product called IncomeSelect that brings together three elements in order to enable financial advisers to help their clients in better retirement planning.

The three elements include an income planning tool, the multi-asset generation funds from Old Mutual Global Investors and the flexible pension product, called the Collective Retirement Account (CRA).

The income planning tool IncomeSelect offers the flexibility to plan the income clients need through retirement.

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The second element includes three multi-asset generation portfolios that have been revamped in consultation with advisers to deliver a total return, through focusing on short-term risk management and the diversification of investments.

The third element of the IncomeSelect scheme involves a flexible pension product – the CRA. It is a personal pension aimed at helping a client to accumulate a sum of money which is then used to provide them with an income. A client can start taking an income from the CRA any time from age 55.

www.oldmutualwealth.co.uk

The introduction of pensions freedoms in April this year may have brought welcome changes for many, but it has also left many confused on how to access their retirement funds.

According to research, in order to gain an understanding of their pension options, just 1 per cent of people have spoken to the government’s Pension Wise service while 3 per cent have taken to the internet. Surprisingly, 53 per cent have done nothing at all.

The IncomeSelect product aims to bridge that gap and offers all retirement-related planning under one umbrella.

It allows advisers to model on and off-platform assets and create a bespoke retirement strategy based on the needs of the client.

The product also lets advisers provide investment solutions with investment products that let customers secure both an income and capital growth in retirement.

These products aim to manage short-term market falls, eliminating some risk.

And finally, the third element offers a flexible pension product for clients. While there are a range of retirement planning tools available in the market, this product brings all the elements under a single roof, making it easy for both advisers and their clients.

Product facts:

- Retirement tool to enable advisers help clients with better planning

- Includes three main elements of retirement planning

- Retirement income tool - flexibility to plan client’s retirement

- Generation portfolios - includes three multi-asset funds aiming income and capital growth

- CRA is a flexible pension product; client can take income from 55