Scottish Widows launches adviser retirement planning guide

The Centralised Retirement Proposition guide covers the ‘at retirement’ and ‘in retirement’ stages when a customer draws down their savings.

The guide offers a comprehensive overview of all elements that make up planning for retirement income. The key stages are:

- Retirement income fact-find: Understanding the relevant client income objectives, circumstances and financial situations.
- Risk assessment: The assessment of the ability and willingness to take risk matched to the client circumstances and objectives.
- Withdrawal options: The optimal way to withdraw money from a pension fund to meet the retirement income objectives.
- Investment strategy: The selection of a suitable investment approach to best match the objectives of income and risk.
- Ongoing review: The ongoing maintenance to manage changing needs, income access, and sustainability.

In April this year, the company developed a digital toolkit for advisers who wanted more support and guidance around the Defined Benefit process.

Ronnie Taylor, Director of Distribution at Scottish Widows, said: “Pension Freedoms have offered customers far greater choice and flexibility. However, this also means advisers are now taking on even greater responsibility for the retirement options they recommend, particularly when it comes to sustainable withdrawal strategies that aim to stop their clients running out of money. We have developed the guide to serve as an additional point of reference to help advisers meet the diverse needs of today’s clients.”