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WEALTH at work launches cash drawdown service
22nd May 2015
Now the pension changes are in force, employees may want to take advantage of the new found freedoms and take their retirement saving as cash from their defined contribution (DC) scheme.
However, many employers and pension scheme trustees either do not want to facilitate this access, or are unable to due to not having the systems and flexibilities in place.
WEALTH at work, a leading provider of financial education and guidance in the workplace has launched a cash drawdown service aimed at employees who want to access their pension savings as cash but can’t do it through their workplace pension.
The cash drawdown service is a self-invested personal pension (SIPP) scheme designed to hold DC schemes that transfer from the workplace, or other pension providers in cash, or cash funds.
It is available from the age of 55 and with a minimum transfer in of £1,000. Access to pension savings can be on a regular monthly basis or as ad hoc lump sums and can be via flexi access drawdown, or by using uncrystallised lump sums.
Charges are simple and transparent with a fixed fee of £200 to open and transfer in initial funds and a single annual management fee of £100. There are no fees for withdrawals or other activities in the plan.
Jonathan Watts-Lay, Director, WEALTH at work, comments, “We have always provided a complete package of options for employers and their employees when it comes to retirement savings, so to sit alongside traditional drawdown and annuities, we now have a simple cash facility for those who want it.”
Watts-Lay continues, “Our service allows employees to withdraw their pension pots in cash either in one go, or over a number of tax years which can help protect retirement savings against unnecessary tax bills. For those employees who can’t do this through their current scheme, the cash drawdown service accessible via our Client Services team makes absolute sense. It is a great addition to our wider financial education and retirement services.”
Further coverage was gained in Personnel Today and FT Adviser.*
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