The value of investments can go down as well as up, and the investor could get back less than was paid in. Laws and tax rules may change in the future. Personal circumstances and where the investor lives in the UK will also have an impact on tax treatment.

Pension Investment Account drawdown

We understand that quality, choice and cost are important factors when choosing client investments.

That's why the Elevate platform offers a broad range of investment choices including an extensive collection of discounted share classes.

Elevate can help you meet the investments needs of your clients with:

  • Access to over 4,000 funds from over 150 fund managers and over 400 discounted share classes, Sterling denominated stocks and shares, investment trusts, and Exchanged Traded Funds
  • A range of multi-asset fund solutions, some with discounted share classes, including MyFolio
  • Risk assessment tools and model portfolio functionality, supported by independent asset allocations provided by EValue
  • Separately managed accounts (SMA) managed on your client’s behalf by investment professionals

Elevate’s retirement income options

Flexible access drawdown

  • Move all or part of your client's pension into drawdown
  • Make one-off withdrawals or set-up a regular income

Regular drawdown

  • An option for clients looking to take their retirement benefits on a regular basis
  • Create a tax efficient income for your clients where all or part of each withdrawal is tax-free cash

Uncrystallised funds pension lump sum

  • Flexibility for your clients to take one-off withdrawals direct from their pension fund without setting up drawdown
  • Each payment is made up of 25% tax free cash and 75% taxable income
  • There are no minimum amounts and no withdrawal fees

Capped drawdown

  • Transfer-in any existing capped drawdown pension pots your clients have and manage these alongside their other pension assets
  • If they require a greater income, you can convert these arrangements to Flexi-access drawdown with our automated, on-platform functionality

Elevate’s regular drawdown

Our regular drawdown option is fully automated and online, so you can set-up a regular income for clients. Each withdrawal can be tax-free cash or the right mix of tax-free cash and taxable income to suit their circumstances.

Elevate regular drawdown allows you to:

  • Select the investments to be used to provide income or moved into drawdown
  • Choose the right payment date and frequency – income can be paid on any date your client wants between the 1st and 28th of each month
  • Receive alerts should the regular drawdown instruction need amending
  • Laws and tax rules may change over time and tax treatment will depend on your client’s individual circumstances

Download our help guide

Eligibility

  • The minimum age before any benefits can be taken is normally 55 (subject to change in the future) – there is no upper age limit (subject to change in the future)
  • Applicants must be UK residents

Charges

There is no charge for moving to drawdown or for being in drawdown. However, your fund will still be subject to investment charges. Compared with a lifetime annuity, the charges for drawdown pensions are usually higher.

See the Elevate charges guide for more information.

Flexible adviser payments

A full suite of adviser charge options are available to ensure that paying for advice in retirement can be done flexibly and at any point. All adviser charges can be expressed as a percentage or a set monetary amount.

Initial adviser charge

You may agree a charge with your client for advice for drawdown. We call this the initial adviser charge.


Ongoing adviser charge

Payment be taken once a year or split across a different time period (every month, quarter, half-year or year).


Ad hoc adviser charge

You may agree to take a one-off payment for client servicing, which is known as an ad hoc adviser charge.

Financial Services Compensation Scheme

This account is covered by the Financial Services Compensation Scheme (FSCS), but this does not cover the performance of investments made with the account. This means that if we were unable to pay claims / benefits because of financial difficulties, your client may be able to make a claim with the FSCS if they are eligible.

More about the FSCS

More resources for advisers

 

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  • Get in touch with your usual Standard Life contact
  • Call us: 0345 600 2399

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