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7IM launches tailored drawdown service

19 September 2019

Seven Investment Management (7IM) has launched a tailored drawdown feature within its 7IM SIPP, to allow adviser firms more flexibility when managing the quantity and frequency of a client’s drawdown payments.

The service will be available to all members of the 7IM SIPP and is designed to allow drawdown requirements to be tailored to an individual client’s needs, as well as enable advisers to better manage clients’ tax liabilities.

7IM said the service is simple to set up and within the feature there will be the flexibility to take retirement income depending on the client’s needs, e.g. purely from tax free cash or partly from tax free cash and partly from taxable income.

Additional benefits of the drawdown feature include enabling advisers to continue to control the investment options within clients’ 7IM SIPPs, setting drawdown levels to manage clients’ income tax liabilities, and enabling residual funds to be passed to clients’ nominated beneficiaries on death.

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.”

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