RETIREMENT OPTIONS

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Below is a snapshot of the data that we hold on Retirement Options. Use the dropdown box to select your chosen pension provider and see what functionality they have in this area.

	Aegon (Master Trust)	Aegon Workplace ARC	Aviva - Designer	Aviva – My Money	Aviva My Money (Master Trust)	Fidelity	Fidelity (Master Trust)	Hargreaves Lansdown	Legal & General	Legal & General (Master Trust)	Mercer Master Trust (Aviva)	Mercer Master Trust (Scottish Widows)	Royal London	Salvus	Scottish Widows	Scottish Widows (GSIPP)	Scottish Widows (Master Trust)	Standard Life	Standard Life (Master Trust)	True Potential
1 Are you providing any tools or support for advisers to assist them with the Pension Freedom changes?	Yes	Yes	Yes	Yes	Yes	Yes	Yes	Yes	Yes	Yes	Yes	Yes	Yes	Yes	Yes	Yes	Yes	Yes	Yes	Yes
2 Do you offer lifetime annuity products?	Yes	Yes	Yes	Yes	Yes	Yes	Yes	No	Yes	Yes	Yes	Yes	Yes	Yes	Yes	Yes	Yes	Yes	Yes	No
3 Do you offer an impaired life annuity?	Yes	Yes	Yes	Yes	Yes	Yes	Yes	Yes	Yes	Yes	Yes	Yes	Yes	Yes	Yes	Yes	Yes	Yes	Yes	No
4 Do you offer a deferred annuity?	Yes	Yes	No	No	No	Yes	Yes	No	No	No	No	No	Yes	No	No	No	No	No	No	No
5 Are you going to develop any additional annuity products?	Yes	Yes	Yes	Yes	Yes	Yes	Yes	No	Yes	Yes	Yes	Yes	Yes	Yes	Yes	Yes	Yes	No	No	No
5.1 If yes, please confirm what these are	Assuming the open market (through HUB) is developing new products.	Please see L&G developments. We assume as they are a leading provider that they will be developing solutions.	TBC	TBC	---	Our retirement service is a portal providing access to whole of market annuity products. All types of products are offered and the product range is added to on an ongoing basis.	Our retirement service is a portal providing access to whole of market annuity products. All types of products are offered and the product range is added to on an ongoing basis.	---	Additional annuity products are being considered for development	Additional annuity products are being considered for development	---	In house annuity product to be added to the service range	We constantly monitor the market and will develop new annuities where we believe they will bring added customer value.	SingLe & Multiple UFPLS & FAD	In house annuity product to be added to the service range	In house annuity product to be added to the service range	In house annuity product to be added to the service range	---	---	---
6 Do you offer a flexible access drawdown product?	Yes	Yes	Yes	Yes	Yes	Yes	Yes	Yes	Yes	Yes	Yes	Yes	Yes	Yes	Yes	Yes	Yes	Yes	Yes	Yes
6.1 Is this a combined or standalone solution?	Combined	Combined	Combined	Combined	Combined	Standalone	Standalone	Combined	Combined	Combined	Combined	Combined	Standalone	Combined	Standalone	Combined	Combined	Combined	Combined	Standalone
6.2 Do you allow members to make ad-hoc withdrawals?	Yes	Yes	Yes	Yes	Yes	Yes	Yes	Yes	Yes	Yes	Yes	Yes	Yes	Yes	Yes	Yes	Yes	Yes	Yes	Yes
6.3 Can you facilitate adviser charging from a combined flexible access drawdown facility?	Yes	Yes	Yes	Yes	No	No	No	Yes	Yes	Yes	Yes	No	Yes	Yes	Yes	Yes	No	Yes	Yes	Yes
6.4 Have you applied any with withdrawal restrictions?	No	No	Yes	Yes	Yes	Yes	Yes	No	No	No	Yes	No	No	No	Yes	No	No	No	No	No
6.5 What is the minimum fund value required to designate flexible access drawdown?	£30,000 after PCLS. We confirm that this threshold is being removed later in 2020	£20000 before PCLS. We confirm this threshold is under review.	We do not have any minimum fund value.	We do not have any minimum fund value.	We do not have any minimum fund value.	Minimum of £1000 each withdrawal and whole account if below.	Minimum of £1000 each withdrawal and whole account if below.	£0	No minimum	No minimum	We do not have any minimum fund value.	£10,000	£10,000	No minimum - but guidance = £ 30000	£30,000	£30,000	£10,000	No minimum.	No minimum.	---
6.6 What is the minimum payment allowed as a regular income payment from flexible access drawdown?	£100 per month	No minimum	We do not have a minimum payment level.	We do not have a minimum payment level.	We do not have a minimum payment level.	£1000, or whole of pot if below	£1000, or whole of pot if below	£0	No minimum	No minimum	We do not have a minimum payment level.	£100	£25	Investment dividend for year as set by Investment Manager	£1	£100	£100	No minimum.	No minimum.	---
6.7 Can payments be requested by the member online with no manual intervention in the payment process?	Yes	Yes	No	No	No	No	No	Yes	Yes	Yes	No	No	No	No	No	No	No	Yes	Yes	---
6.8 Can members take tax free cash and no income from the flexible access drawdown?	Yes	Yes	Yes	Yes	Yes	Yes	Yes	Yes	Yes	Yes	Yes	Yes	Yes	Yes	Yes	Yes	Yes	Yes	Yes	---

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