Skandia one of the first companies to implement pension changes today
Share
Print
Print Share

27/03/2014

Skandia, part of Old Mutual Wealth and one of the largest pension drawdown providers in the UK, has today launched new system functionality to enable customers and financial advisers to take advantage of the new flexible pension regime with immediate effect.

In the Budget announced just last week, the Government revealed that from today, customers in flexible drawdown need only show they have £12,000 in guaranteed income to be eligible (down from £20,000), and capped drawdown maximum income would be increased to 150% of GAD (up from 120%).

The changes required some significant system changes for retirement income providers, but Skandia has been able to deliver the changes today. This means that, in accordance with the Government’s announcement, existing drawdown clients will move to 150% of GAD from the start of their next drawdown anniversary. Existing clients wanting to start drawdown and any new business will have access to capped drawdown at 150% immediately.

In addition, clients who are able to demonstrate the lower amount of £12,000 in guaranteed retirement income will now be able to enter a flexible drawdown arrangement.

Advisers will receive details of how their clients are able to benefit from the changes in an email on Friday 28th March.

Adrian Walker, retirement planning manager at Skandia, comments:

“We welcomed the Chancellor’s changes to the retirement income market in last week’s budget and immediately focused on how we can deliver the new flexibility as quickly as possible for financial advisers and customers.  Advisers and their clients can now take advantage of the new rules for existing as well as new drawdown arrangements and we expect to see increased take up of income drawdown as a result of these changes.”

For more information contact

Tim Skelton-SmithOld Mutual Wealth02380 916 99807824 145 076tim.skelton-smith@omwealth.com

Notes to editors:

About Quilter plc:

Quilter plc is a leading wealth management business in the UK and internationally, helping to create prosperity for the generations of today and tomorrow.

Quilter plc oversees £116.5 billion in customer investments (as at 30 June 2018).

It has an adviser and customer offering spanning: financial advice; investment platforms; multi-asset investment solutions and discretionary fund management.

The business is comprised of two segments: Wealth Platforms and Advice and Wealth Management.

Wealth Platforms includes the Old Mutual Wealth UK Platform; Old Mutual International, including AAM Advisory in Singapore; and the Old Mutual Wealth Heritage life assurance business.

Advice and Wealth Management encompasses the financial planning network, Intrinsic; Old Mutual Wealth Private Client Advisers; discretionary fund management business, Quilter Cheviot; and the Multi-asset investment solutions business.

The Quilter plc businesses are being re-branded to Quilter over a period of approximately two years:

• The Multi-asset business is now Quilter Investors

• Intrinsic to Quilter Financial Planning

• Private Client Advisers to Quilter Private Client Advisers

• The UK Platform to Quilter Wealth Solutions

• The International business to Quilter International

• The Heritage life assurance business to Quilter Life Assurance

• Quilter Cheviot will retain its name

This press release is for journalists only and should not be relied upon by financial advisers or customers.

Please remember that past performance is not a guide to future performance. The value of investments and the income from them can go down as well as up and investors may not get back any of the amount originally invested. Exchange rate changes may cause the value of overseas investments to rise or fall.

This communication is issued by Quilter plc.  Registered office: Millennium Bridge House, 2 Lambeth Hill, London EC4V 4AJ, United Kingdom. Registered number: 6404270.  Registered in England.