Standard Life to upgrade Sipp drawdown process

Standard Life has detailed plans to introduce “greater automation” to its Sipp drawdown process. The Edinburgh-based firm said this would enable advisers to offer a more tailored tax-efficient income solution.The company claimed it would save 80% of the time it takes setting up and managing tax efficient income withdrawals.{desktop}{/desktop}{mobile}{/mobile}A Standard Life statement announcing the plans read: “The automation means advisers can tailor drawdown to individual client needs with the option to set up a taxable income stream and/or a tax free cash income stream.“This upgrade is designed to help more clients benefit from a high quality drawdown proposition managed by their adviser.“Following the introduction of pension freedoms, advisers naturally want their clients to maximise the tax benefits from the complete freedom flexi-access drawdown gives. With unprecedented demand for ongoing drawdown advice, Standard Life has streamlined its processes to ensure advisers are best able to help their clients.”Alastair Black, Standard Life head of financial planning propositions, said: “Pension freedoms have changed the focus for adviser businesses and for advice itself as choice at retirement has never been wider or so important.“Tailored drawdown really makes the best of pension opportunities giving the freedom to build a solution on an individual basis which is exactly what pension freedoms intended.“With drawdown rapidly becoming the default option at retirement, we will continue to work with advisers to ensure we have the best possible solutions in place.”The upgrade is slated to be implemented by the end of December.

Standard Life to upgrade Sipp drawdown process

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