A ready-made solution for the new rules
The new pension rules mean a whole new world of choice for your employees on how to draw income in retirement. And it’s not just about pensions, as all savings will need to be considered (such as ISAs) and potentially that of partners if retirement income is to be optimised.
Many employers are concerned about how they are going to make the new flexible retirement income options available to employees and deferred members or whether they want to at all. Pension schemes and administrators may not have or want to provide the functionality to support ‘drawdown’ type services.
In addition, many trust based schemes do not wish to carry the risk of looking after members’ money throughout retirement when they may need to make a series of decisions as they progress through retirement. When you add to this the complexity of how employees decide whether some type of drawdown, or perhaps an insurance product such as an annuity is more suitable for their income needs. In practical terms it could be extremely challenging for employers and trustees to offer a comprehensive service to meet all needs without having a trusted service provider to support them.
WEALTH at work have a comprehensive service offering to help your employees ensure their needs are met – not just at the point of retirement but in the years leading up to retirement and beyond.