Parmenion has added drawdown features to its in-house Sipp from today (7 April), to enable advisers to take advantage of the new Pensions Freedoms for their clients.
The company says that the Parmenion Sipp wrapper carries no additional charges, including within drawdown, above the standard Parmenion portfolio fees. Parmenion launched its in-house accumulation Sipp in June 2014 and has so far processed over 2,000 applications.

Parmenion's new Sipp drawdown features provide advisers and their clients with the flexibility of four different SIPP withdrawal options. The options are Pension Commencement Lump Sum (PCLS), Uncrystallised Lump Sum (UFPLS), Taxable Income only, and PCLS plus taxable income.

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Parmenion's systems recognise a client's age and automatically displays drawdown options only for relevant clients, those aged 55 and above. If clients have protected Lifetime Allowance (LTA) the system adapts to this and can keep track of the remaining LTA available to a client, even if contributions have been made elsewhere.

Richard Goodall, partner at Parmenion, said: "Our agile approach to development ensures that we can provide a rapid and innovative response to delivering new legislation developments quickly, delivering a product that goes beyond the basic requirements."

He added: "We are seeing a lot of interest from advisers in our new drawdown flexibilities and in Pensions Freedom generally. For example, we have over 250 Advisers registered already for our series of Pension Freedom seminars in April and May."