The service will be available to all members of the 7IM SIPP and enables advisers to tailor drawdown requirements to an individual client’s income needs, as well as enabling advisers to better manage clients’ tax liabilities.
Advisers and clients will have more ability to control the income stream from a 7IM SIPP which can be purely from tax free cash or partly from tax free cash and partly from taxable income.
The feature will also allow advisers to continue to control the investment options within clients’ 7IM SIPPs, setting drawdown levels to manage clients’ income tax liabilities and enabling residual funds to be passed to clients’ nominated beneficiaries on death.
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 manages about £14.3bn in funds.