Clients now have a growing need for choice, flexibility and transparency when it comes to Personal Pensions.
Personal Pensions need to offer more to meet today's increasing client demands.
In today's market, clients are understandably concerned about the value of their pensions and their ability to achieve the kind of security and comfort they want in retirement. However, research shows that many people have only a basic understanding of the options available to them, and are looking for simple guidance when making retirement decisions that could affect their standard of living for many years to come*.
* Source: Scottish Widows IFA research January 2010.
What do clients really want?
Scottish Widows has identified that both IFAs and clients are looking for more choice, flexibility and transparency when looking at Personal Pension options. This applies to clients who are simply looking for a Personal Pension with more investment options than a typical Stakeholder Pension, and also to those clients who are looking for an even wider investment range that includes self invested options.
Interestingly, these two client groups may be composed of the same clients at different life stages. So, if a pension has the ability to change and adapt to a client's increasing investment needs over time, this benefits everyone. The client doesn't need to shop around for greater flexibility; the IFA enjoys the benefits of a long-term client relationship that develops over time; and the provider is able to fully meet the needs of its customers for years to come.
Retirement Account. The Personal Pension with more choice.
Retirement Account from Scottish Widows offers more choice, flexibility and transparency for IFAs and their clients.
Choice
Retirement Account is the right choice for a broad range of clients, as it's a Personal Pension and, when clients need it, a Personal Pension with a self invested option.
Retirement Account gives clients a range of choices that includes Scottish Widows' Insured Funds, Fund Supermarket and Fixed Term Cash Deposits, offering a straightforward level of investment flexibility, although still greater than that offered by many Stakeholder Pensions.
When the right choice is a self invested option, Retirement Account also offers clients access to Share Dealing and Discretionary Fund Management too.
Flexibility
Retirement Account offers the flexibility to meet a client's changing circumstances as they go through life.
By combining Retirement Planning and Retirement Income in a single policy, it's easier to manage the transition from employment into retirement, with the ability to draw an income post-retirement while still adding to the pension fund. This is especially beneficial if a client wishes to gradually move from employment into full retirement.
This means that clients can enjoy greater levels of flexibility over how and when they enjoy their retirement money.
Transparency
Retirement Account is transparent, giving clients a clear view of how any fees and charges are applied. The unique Control Account acts as a clearing and transactional account and gives the customer online access to a history of all transactions. It can be used to hold cash balances in the short term and also acts as a convenient facility for settling service charges and Adviser Payment Charges.
The adviser landscape is currently being scrutinised closely by the FSA, whose thinking is still evolving in regard to the Retail Distribution Review (RDR). Retirement Account has RDR at its centre, making it more of an attractive proposition for advisers who want to stay one step ahead, particularly in relation to transparency of the contract and the separating of cost and advice.
How to find out more
Retirement Account is the Personal Pension with more choice. It offers more choice, flexibility and transparency for you and your clients. To find out more, speak to your Account Manager or visit www.scottishwidows.co.uk/ra for full details.
