It is built by allowing advisers to use a Sipp, a GIA and an Isa and treat them as a single portfolio aligned with a client's risk profile.
The retirement income solution has already been soft-launched to advisers in the Openwork network, but is now being made available more widely.
Verona Kenny, managing director of intermediary at 7IM, said: “Since the introduction of pension freedoms, people have had more control over – and decisions to make about - their pension pots than ever before.
"But that increased freedom has also introduced a minefield of potential pitfalls that could leave people with not enough money to see them through retirement. Yet despite this, as an industry, we haven’t really all worked together to collectively help retirees navigate these challenges."
“The 7IM retirement income solution has been designed to support the retirement plans that advisers have created with clients. It provides greater control over clients’ income in retirement while mitigating many of the pitfalls associated with income drawdown so adviser can feel confident that their clients’ money should last the distance and can adapt to the ever-changing world."
The client's assets are then allocated into a series of ‘buckets’ invested across three time horizons - short, medium and long-term.
The retirement income solution also allows a 'secure lifetime income' to be paid into the Sipp to enable a degree of guaranteed income.
7IM says this is more flexible than a traditional annuity.
Alongside the three investment buckets is a cash bucket to provide a year of income during periods of market downturn, delaying the need to sell down and crystallise losses from the investment buckets.
7IM is working with EQ Investors, Brewin Dolphin and Omnis Investments which will provide their investment solutions alongside 7IM's own.
The company has partnered with Just to provide the secure lifetime income aspect of the solution.
Matt Latham, head of digital propositions at The Openwork Partnership, said: "Clients approaching and at retirement have been and continue to make up a huge segment of who we support. Many of these clients require bespoke and flexible income requirements.
“We’re therefore incredibly excited to see that 7IM have come up with the perfect solution that delivers on both fronts in the form of their innovative Retirement Income Solution powered by the Omnis Investments range of DFM portfolios. We look forward to bringing this solution to our clients.”