Sipp provider lays out new flexible options for next April

Retirement wealth planning firm James Hay has laid out plans to introduce greater flexibility for clients as the pension reforms kick in next April. The changes mean there has "never been a more compelling argument for a Sipp to be at the centre of retirement plans", the firm's chief executive said.The company said it would offer "maximum flexibility across investment options, contributions and withdrawals" through capped drawdown, flexi-access drawdown, and the uncrystallised funds pension lump sum.{desktop}{/desktop}{mobile}{/mobile}The new options will be available to new and existing clients across new and old products. The platform confirmed it will keep income drawdown rates at their current level and has "no plans to charge additional income drawdown fees to cover the new options".For clients already in drawdown as of 6 April next year it will continue to offer this option. The flexi-access drawdown uncrystallised funds pension lump sum will be open to all clients from minimum pension age, either starting drawdown from April 6 or wishing to convert an existing capped drawdown fund.The option to take the uncrystallised funds pension lump sum will allow clients to take a lump sum of at least £1000 from their uncrystallised funds, 25% being tax free with the remainder subject to income tax.Regarding Sipps, the firm said in a statement: "All our Sipps will be able to accept transfers from crystallised and non-crystallised pensions whether or not the receiving pension is in full drawdown. Conversely, we will facilitate a drawdown transfer to an alternative provider whether or not the plan is already in any type of drawdown."Chief executive Alastair Conway said: "There has never been a more compelling argument for a Sipp to be at the centre of retirement plans."Up until the Budget, changes in pension tax legislation introduced in the recent past had done very little to promote pension saving. But 2014 was the year in which pensions finally became 'sexy'."Come 6 April both new and existing James Hay clients will benefit from the ultimate in access and flexibility based on the new rules, complementing 20 years' worth of Sipp innovation."

Sipp provider lays out new flexible options for next April

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