7IM launches drawdown feature for advisers

7IM launches drawdown feature for advisers

Seven Investment Management has incorporated a feature within its self-invested personal pension to allow advisers more flexibility when managing their client’s drawdown payments.

The tailored drawdown feature, launched today (September 16), is available to all 7IM Sipp members and allows advisers to tailor drawdown requirements to an individual client’s needs, as well as better manage tax liabilities.

Advisers will have the flexibility to take retirement income in a way that best suits their client.

This could be through tax-free cash or partly from tax free cash and partly from taxable income.

The drawdown feature also allows advisers to continue to control the investment options within their clients’ 7IM Sipps as well as set drawdown levels.

Pension drawdown is a way of using a pension pot to provide an individual with a regular retirement income by reinvesting it in funds specifically designed and managed for this purpose. 

The income received will vary depending on the fund’s performance. 

Verona Kenny, managing director of intermediary at 7IM said: “We are excited to be one of the first non-insurance providers to offer tailored drawdown within our Sipp. 

“By our own omission we were slow to launch our own Sipp but are now striving to lead the market in terms of functionality and ease of use. We have some further exciting developments coming up in the near future focussed specifically on ease of use.

“In terms of retirement planning we understand the need for us to be a flexible product provider who creates innovative solutions adapted to the new world of pension freedoms. 

“Tailored drawdown is an important part of being able to offer a flexible retirement offering for advisers and their clients.”

7IM launched its Sipp in May 2018,offering investment options including bonds, cash, exchange traded products, structured products, equities, managed pension funds and real estate investment trusts - but excluded non-standard investments. 

In its 2018 financial results published last month 7IM announced the Sipp, which is fully integrated with the fund manager's own platform, had assets under administration of £126m at the end of December last year. 

This was announced alongside pre-tax profits of £10.5m at the company for 2018, which had increased by 17 per cent from £9m in 2017.

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