Standard Life 'altered system to allow for retirement calculator reforms'

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Standard Life 'altered system to allow for retirement calculator reforms'

Clients will be able to take advantage of capped drawdown pension products from April 6th 2011 at Standard Life after the company made a series of changes to its operations.

Alistair Hardy, head of SIPP at the firm, lauded the organisation's ability to adapt to the reforms being brought in by the coalition government in the spring, which include the scrapping of the need to annuitise by the age of 75 and the introduction of an annual allowance of £50,000.

He revealed that capped drawdown will be open to clients from April onwards and flexible drawdown - another retirement savings option being affected by new legislation - will be made available later in the year.

"We welcome the changes which provide fantastic opportunities for customers and their advisers in the income drawdown market," the Standard Life representative commented.

This month, the firm announced that it intends to promote further use of its Adviserzone platform among employees by hiring five regional consultants to support the technology's use.

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