From the week of the 16th March, our drawdown illustrations are going to look a little bit different.
We’ve added a new summary page near the front of the document. This makes it easier for your clients to see key drawdown information on their pension, at a glance.
The new summary page includes:
- The current value of their pension portfolios
- Any regular withdrawals being taken over the next 12 months
- The amount of tax free cash they have left
- What they’ll pay in charges over the next 12 months, to help them compare with other providers
- How much their pension might be worth in 5 & 10 years
- How old they’ll be when their pension pot runs out
What does the new summary page look like?
If you’d like to take a look at a sample of the new summary page, click on the link below to download a copy.
Why the change?
The change comes off the back of the Retirement Outcomes Review and the Policy Statement which followed. One of the aims of this review, alongside other things was to promote competition – by making the cost of drawdown products clearer and comparisons easier.
What happens next?
The new summary page will be included on all new drawdown illustrations from the week of the 16th March.
If you’d like to know more, get in touch with our Client Services team on 0117 204 7678.
This article is for financial professionals only. Any information contained within is of a general nature and should not be construed as a form of personal recommendation or financial advice. Nor is the information to be considered an offer or solicitation to deal in any financial instrument or to engage in any investment service or activity. Parmenion accepts no duty of care or liability for loss arising from any person acting, or refraining from acting, as a result of any information contained within this article. All investment carries risk. The value of investments, and the income from them, can go down as well as up and investors may get back less than they put in. Past performance is not a reliable indicator of future returns.