Standard Life and Fidelity International have partnered to launch the Standard Life Guaranteed Lifetime Income plan.
This second development as part of a strategic partnership between the two organisations will provide an easy way for advisers to help clients meet essential living costs in retirement.
The plan pays an individually underwritten guaranteed income for life, with the added benefit of being held within an individual’s drawdown account.
Advisers will be able to offer a guaranteed income for their clients on platform, in a way that aligns with their existing advice processes.
This also makes it easier and more straightforward to acquire ‘tranches’ of guaranteed income throughout the client review process.
Claire Altman, managing director of individual retirement at Standard Life, said: “The nature of retirement is evolving. People have more nuanced retirement journeys, with different needs at different life stages, which necessitates a range of different income solutions.
“Having certainty of income can be a valuable part of this mix, providing a guaranteed income for life, however people also want to maintain a degree of flexibility.
“The launch of the Standard Life Guaranteed Lifetime Income plan addresses this need.
“Clients are able to decide the amount of income they want to receive and when so they don’t have to sacrifice flexibility, while giving advisers the ability to simply and efficiently manage a guaranteed income for their clients on platform with drawdown funds.”
The plan also comes with the option of a value protection death benefit, as well as an integrated quote and apply portal within the Fidelity platform which delivers fast guaranteed quotes.
Standard Life also worked with CashCalc, Defaqto, and Dynamic Planner to ensure the plan was built into existing advice processes including client profiling and cash flow modelling tools.
alina.khan@ft.com
