MGM Advantage to launch Retirement Account for advisers

The company believes it has created a product which will address client needs and meet their expectations in a post Budget world.

The Retirement Account will only be available through financial advisers. MGM is also developing a range of tools and support for advisers and also clients who are waiting for the new solutions that will be available from April.

Peter Carter, product and marketing director, MGM Advantage commented:

"We believe the Retirement Account will be the way for advisers to meet client needs at retirement and takes full advantage of the new rules coming into force from April.

"We have spent the summer months asking both advisers and customers what they want from the new retirement freedoms. Customers have told us they want a guaranteed income to pay the bills, want to retain access to their capital whenever they may need it, and want to grow the value of their investment over time. They also want any product to be flexible and adaptable to their changing needs during retirement, as well as be able to pass on funds to dependents. The Retirement Account will deliver these options in one product, in a cost effective way for clients and their advisers. Any product which is not delivering on all these fronts is unlikely to meet the new retirement expectations.

"The Retirement Account has been designed to appeal to customers with pension pots worth between £30,000 and £250,000. Given the number of customers who have delayed decisions this year due to the changes in the market, we expect many will take full advantage of the new opportunities come April. Financial advisers will play a key role ensuring customers using the new flexibility will make the most of their savings through retirement."