The service will be available to all members of the 7IM Sipp and it is designed to allow advisers to tailor drawdown requirements to an individual client’s needs.
It will also enable them to better manage client tax liabilities.
The launch follows swiftly on the heels of platform AJ Bell, which rolled out an income drawdown service on Monday.
Benefits and beneficiaries
7IM says its tool offers “complete flexibility” for clients to take their retirement income how they want.
“This can be purely from tax free cash or partly from tax free cash and partly from taxable income.”
Additional benefits include enabling advisers to continue to control the investment options within the Sipp, setting drawdown levels to manage client income tax liabilities, and enabling residual funds to be passed to nominated beneficiaries on death.
Suit you, sir
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.”