Called Drip-feed Drawdown, the product aims to support advisers by making it easier for them to manage their clients’ phased retirement in a tax-efficient manner. Widows has also recently launched four new retirement portfolio funds designed to protect income while offering inflation protection.
Drip-feed Drawdown automatically recognises the need for liquidity within Retirement Account to support payments by checking if there is sufficient cash available. If there is not, it automatically disinvests from available Scottish Widows funds to enable this to happen.
Withdrawal payments can be made monthly, quarterly, bi-annually or annually, charge-free, with no withdrawal minimum.
Scottish Widows head of individual propositions Catherine Stewart says: “We are underlining our commitment to supporting advisers to serve their clients through this flexible, easy to use proposition. In particular, the integrated flexible payments option and tax-optimising ability makes it easier for advisers to offer a long-term, sustainable withdrawal strategy that fits with each client’s personal circumstances.”