Salvus launches Retirement Bridge as it looks to offer members more choice in retirement
- Enhances the number of options available to members in retirement
- Enables a one stop shop for withdrawals – one of the few such products on the market
- Firms can buy the product (with branding) for a hosting fee. Fees start at £500 per month
- Service allows members to withdraw funds, but offers built-in protection through tripwires
Salvus Master Trust, the leading MAF accredited master trust and part of Goddard Perry Consulting, has launched Retirement Bridge www.salvusrb.com as it looks to enhance options to members approaching or at retirement.
Retirement Bridge allows members to choose between taking their pension fund as a cash sum, buying an annuity or considering a comprehensive range of drawdown options. These include ‘Suspension bridge’, a deferred flexi-access option and ‘Drawbridge’ which enables members to take their money as a regular drawdown.
In what is a first for the retirement market, Retirement Bridge also offers a straight-through processing system whereby the user can select any of these options independently and thus begin the process of withdrawal without the need for advice. While this is automated, Retirement Bridge has built-in tripwires which allow it to flag up inconsistencies and contact the user if it believes the decision made is not in its best interests. Users also have the option to contact a dedicated helpline if they are experiencing any issues.
Additional features include an aggregating service, which offers users a real-time quote of how much they can expect to receive through each option based on self-reported figures. The service is available to existing and new Salvus members. Additionally, it is available on a branded basis to non-Salvus members, for a hosting fee. Hosting fees start at £500 per month.
Steve Goddard, Managing Director of Goddard Perry commented:
“There has been much focus on the accumulation phase of retirement but as the auto-enrolment market matures, it is crucial that consumers also have access to simple and effective decumulation options which enable them to make the most of the money they have saved. This is a theme we have seen repeatedly in our conversations with not just employers, but also consultants, actuaries and trustees and it is an area that, as an industry, there is room for improvement.
“With Retirement Bridge, we have created a straight-through, one stop shop product which takes the pain out of the process by enabling members to withdraw from their pension funds easily and quickly. This underpins Salvus’s commitment to lowering the cost of entry and driving member engagement by making retirement products as accessible and simple as possible for customers looking to navigate their way through the post-pension freedoms environment.”