Adviser > News > November 2008 > Help with drawdown advice – new annual review statements for Income Release
Help with drawdown advice – new annual review statements for Income Release
We recognise that providing ongoing advice to your clients is just as important as your original recommendation. To help you do this we’ve designed a suite of new annual review documents for our income drawdown proposition, Income Release.
These documents underline our commitment to providing you with the extra support you require and further improve an already award-winning proposition*.
What will you get?
Benefits for you
- You automatically receive all the information necessary to conduct a regular review of your clients’ plans – you don’t need to request it
- An opportunity to contact your clients and arrange a review meeting
- Improved customer relationships, leading to potential referrals
- You can meet your TCF obligations
- Client statement available online
- Ad hoc statement request.
Benefits for your clients
- Better understanding of the value of their plans
- Corrective action can be taken if investment performance is insufficient to maintain income
- May benefit from increased income if GAD rates become more favourable and/or there has been strong investment performance.
- All the information you need to conduct a thorough review will be issued six weeks prior to your client’s plan review date.
- This allows you to review your clients’ plans and identify whether changes need to be made to current investments and/or income levels.
- Importantly, we are giving you the option to recalculate your client’s maximum income every year and not just on the quinquennial (5 yearly) review dates.
- This provides greater flexibility to the client and may allow them to increase their income, if for example, GAD rates have improved, without the need to crystallise further funds.
- A change of details form is included for you to make any changes to your client’s personal details and income levels following the review.
- Any changes indicated by you will be processed at the client’s review date and will appear on the review statement sent to your client. You can view a copy of your client’s review statement through our online services, provided you are registered.
Ad hoc reviews
As well as receiving an annual review statement, you can also request ad hoc reviews. The content of the requested review is essentially the same as the automatic yearly review, but will cover the period from the last review date to the date the request is made.
Sample documents
Documents issued to you:
- Covering letter – issued six weeks prior to yearly review date
- Review Statement – issued six weeks prior to yearly review date (or on request for ad hoc reviews)
- Change form – issued six weeks prior to yearly review date
- Notification letter – issued on review date
Documents issued to your clients:
- Covering letter – issued on review date
- Review statement – issued on review date
Find out more about Income Release
To find out more about the benefits of Income Release for you and your clients visit the Income Release section of this website or contact your usual Scottish Life representative.
* We received a highly commended award for Innovation (Income Release) and Best Income Drawdown Provider at the 2008 Investment Life & Pensions Moneyfacts Awards.
For professional advisers only
