A heads up that come 6th April 2015 we’ll be offering “flex max”: maximum flexibility across investment options, contributions and withdrawals complementing 20 years’ worth of SIPP innovation.The James Hay flexible retirement income solutions will include:
• Capped Drawdown
For clients already in drawdown as at 6th April 2015 we will continue to offer this option, enabling our clients to take a regular income and enjoy the full annual allowance. Advisers and their clients can segment the portfolio and take the pension commencement lump sum (PCLS) and income payments up to the published GAD limits. Payments can be made monthly, quarterly, 6 monthly or annually and can be increased and/or adjusted at any time.
• Flexi-access Drawdown (FAD)
Open to all clients from minimum pension age either starting drawdown from April 6th 2015 or wishing to convert an existing capped drawdown fund . Advisers and their clients can take PCLS and income payments of any level. Income payments can be made monthly, quarterly, 6 monthly or annually.
• Uncrystallised funds pension lump sum (UFPLS)
This option allows the client to take a lump sum of at least £1000 from their uncrystallised funds, 25% being tax free with the remainder subject to income tax.
• Online Income Management 24/7
Our on-line functionality will allow advisers and clients to track their income drawdown payments, access current income details, change income destination bank accounts and change levels and frequencies of income payments.
• Freedom to move
All our SIPPs will be able to accept transfers from crystallised and non-crystallised pensions whether or not the receiving pension is in full drawdown. Conversely, we will facilitate a drawdown transfer to an alternative provider whether or not the plan is already in any type of drawdown.
• Whole of Market Investment Choice
Clients and advisers benefit from having access to one of the widest range of investment options of any platform to manage pension assets leading up to and during retirement.
Our charging approach to “flex max” is in line with our modular approach, whereby you pay for what you use, when you use it rather than bundling what should be explicit charges it into an overall more expensive bundled charge.