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Income Release

Income Release lets your clients access their benefits at a time and in a way most suited to their needs - whether as a lump sum, income, or a combination of both.

We recognise that no two clients are the same. That's why our Pension Portfolio comes with Income Release, our integrated income drawdown facility, allowing your clients to tailor pension benefits around their changing circumstances.

At a glance

  • Available to clients aged 55+ with at least £20,000 in the Core Investments.
  • Allows tax-free lump sum(s) and income to be taken directly from the plan.
  • Full range of investment options available, excluding the with profits fund.
  • Clients can continue making payments into the plan after taking benefits.
  • Income management facility available: Income Tap.
  • Protected Rights funds can be used to provide Income Release.
  • Clients can continue withdrawing an income after age 75.

As we do not specify a minimum designation amount, this offers clients the ultimate flexibility. They will be able to withdraw even very small amounts from their plan.

Benefits can also be paid on a phased basis, including any Protected Rights funds your clients may have built up.

Income Tap

Income Tap is our innovative income management facility designed for clients taking income payments directly from their plan through our Income Release option.

A common strategy for customers taking income from their pension plan is to invest part of their plan value in a low risk fund. This allows the remainder of the plan to be invested for longer term income and growth.

In order to facilitate this, we have created the Income Tap Account. This invests in the Scottish Life Deposit Fund.

Read our Income Tap leaflet for more information on exactly how this works and how it can benefit you and your clients.

Find out more

You will find full details of how Income Release works, along with all the additional options available, in the Pension Portfolio Financial Adviser Guide.

Additional support

We have created a range of support material to help you with the drawdown advice process. This includes client approach material to help you to identify individuals that could potentially benefit from using an income drawdown plan and information on what the FSA expects when advising on this type of business. 

Also available are the answers to some of the most frequently asked drawdown questions that we get asked and a range of technical leaflets covering all aspects of the drawdown advice process.

For professional advisers only