Investment Advice Through The Ages. Kevin Holloway Adviser Development Manager
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1 Investment Advice Through The Ages Kevin Holloway Adviser Development Manager
2 Our Objective To maximise investment advice opportunities from recent changes in the at retirement market This presentation is intended for financial advisers only
3 Agenda Market update The new retirement market Advice opportunities Client solutions
4 Learning Outcomes To understand The changes in the retirement market The important issues which need to be considered when advising on drawdown pensions Matching objectives and solutions
5 Agenda Market update The new retirement market Advice opportunities Client solutions
6 Client Solutions - Life Cycle Start Saving Consolidation Maximise contributions & review investment approach New options for income in retirement Investment Advice
7 Advice Opportunities Budget March 2014 The market is changing The 2014 Budget has had a significant impact on the retirement market. Increasing trivial lump sum maximum from 18k to 30k Increasing Government Actuary Department (GAD) rate from 120% to 150% Reducing guaranteed income needed to qualify for flexible drawdown from 20k to 12k Increasing the size of small pension pot that can be taken as a lump sum from 2k to 10k Increasing the number of personal pension pots that can be taken as a lump sum under the small pot rules from two to three
8 Advice Opportunities - Pension Annuities
9 Advice Opportunities 80% aware of budget changes 62% think they are a good idea 52% believe they can be trusted to spend savings wisely 31% live for today 63% of consumers plan to seek financial advice Source: Research by ICM for Aviva in March 2014,sample approx over 18 yet to retire See Aviva-for-Advisers.co.uk
10 Advice Opportunities 86% expect budget 2014 to have positive impact on advice market 46% - likely to introduce broader range of products for retirement At least 80% predict they will see increase in demand for advice from age 55+ 2/3 intend to transfer % assets to platform in next 3 years Source: Aviva Adviser Barometer March 2014 Aviva-for-Advisers.co.uk
11 Advice Opportunities
12 Average pot size % of Policies Retirement Customers [Aviva annuity customers] Age v Average Pension Pot Size 80k 70k 60k 50k 40k 30k 20k 10k Avg pot size Vol. Policies Market from 6 Typical April 2015? Drawdown Territory 50% 45% 40% 35% 30% 25% 20% 15% 10% 5% 0k Age at Start % Source: Aviva
13 Agenda Market update The new retirement market Advice opportunities Client solutions
14 Old Retirement Market Up to 6 April 2011 Crystallised PCLS & annuity Uncrystallised funds Crystallised Funds Alternatively Secured Pension
15 New Retirement Market - After 6 April 2011 Uncrystallised funds Uncrystallised Funds Crystallised Funds (PCLS) Crystallised Funds (Annuity) Crystallised Funds (FTRP) Crystallised Funds (DP capped & flexible Crystallised Funds (Phased)
![New Retirement Market Platforms Capped [Phased Drawdown] Capped](/docs-images/77/76287348/images/16-2.jpg "[Single Drawdown] Flexible [Single Drawdown] Flexible [Phased")
16 New Retirement Market Platforms Capped [Phased Drawdown] Capped [Single Drawdown] Flexible [Single Drawdown] Flexible [Phased Drawdown]
17 New Retirement Market Capped Drawdown Minimum Age
18 New Retirement Market Capped Drawdown Maximum Age Minimum Age
19 New Retirement Market Capped Drawdown Maximum Age PCLS Minimum Age
20 New Retirement Market Capped Drawdown Maximum Age Phased Retirement PCLS Minimum Age
21 New Retirement Market Capped Drawdown Contributions Maximum Age Phased Retirement PCLS Minimum Age
22 New Retirement Market Capped Drawdown Contributions Maximum Age Phased Retrement PCLS Minimum Age Secured Income
23 Minimum income Includes Excludes New Retirement Market - Flexible Drawdown
24 Minimum income Includes Excludes New Retirement Market - Flexible Drawdown 12,000
25 Minimum income Includes Excludes New Retirement Market - Flexible Drawdown 12,000 State pensions Taxable social security Scheme pensions Lifetime annuities Overseas pensions Periodic payments from Pension Protection Fund and Financial Assistance Scheme
26 Minimum income Includes Excludes New Retirement Market - Flexible Drawdown 12,000 State pensions Taxable social security Scheme pensions Lifetime annuities Overseas pensions Periodic payments from Pension Protection Fund and Financial Assistance Scheme Earned income Drawdown pensions Short term annuities Scheme pensions? Lifetime annuities? Purchased life annuities
27 New Retirement Market - Phased Drawdown
28 New Retirement Market - Capped Phased Drawdown
29 New Retirement Market -Capped Phased Drawdown Fundamental objective: To crystallise the minimum amount of funds Age 60 Fund 500,000 Income 2,000 pm Basic rate taxpayer Month Pre-Fund Post- Fund Crystallisation TFC Income March ,714 4,856 6,923 1, April ,352 9,773 6,981 1, May ,980 14, , June ,592 19,592 6,972 1, July ,189 24,497 6,969 1, August ,772 29,397 6,966 1, Sept ,339 34,298 6,964 1, October ,892 39,194 6,961 1, Nov ,429 44,087 6,958 1, Source: Aviva
30 New Retirement Market - Flexible Phased Drawdown Fundamental objective: To crystallise the minimum amount of funds Age 60 Fund 500,000 Income 2,000 pm Basic rate taxpayer Month Pre-Fund Post- Fund Crystallisation TFC Income March ,284 +4, , ,412 April ,566 +9, , ,412 May , , , ,412 June , , , ,412 July , , , ,412 August , , , ,412 Sept , , , ,412 October , , , ,412 Nov , , , ,412 Feb ,367 Source: Aviva
31 New Retirement Market - Risks Mortality drag Investment risk Charges Annuity risk Depletion of fund
32 Tax Efficient Income Withdrawal 159, , ,965
33 Agenda Market update The new retirement market Advice opportunities Client solutions
34 Advice Opportunities - Client Objectives Access to tax free cash? Annuity purchase(s) (self/dependents)?
35 Advice Opportunities - Client Objectives Access to tax free cash? Annuity purchase(s) (self/dependents)? Level? Sustainability? Flexibility Guarantees?
36 Advice Opportunities - Client Objectives Access to tax free cash? Annuity purchase(s) (self/dependents)? Level? Sustainability? Flexibility Guarantees? Death benefits? Investments?
37 Advice Opportunities - Client Objectives Access to tax free cash? Annuity purchase(s) (self/dependents)? Level? Sustainability? Flexibility Guarantees? Death benefits? Investments? Income format? Other income streams? Other investments?
38 Advice Opportunities - Client Objectives Access to tax free cash? Annuity purchase(s) (self/dependents)? Level? Sustainability? Flexibility Guarantees? Death benefits? Investments? Income format? Other income streams? Other investments? Continued exposure? Investment control? Continued contributions? Consolidate other funds?
39 Maximum tax-free cash at outset Client Solutions Objectives Single Drawdown Phased Drawdown Ongoing access to tax-free cash Use tax-free cash as income Income flexibility Total income flexibility Maximise death benefits Delay decision on dependent benefits Continued exposure to investment markets Recycling income No compulsory reviews [flexible only] [capped only] [capped only]
40 Agenda Market update The new retirement market Advice opportunities Client solutions
41 Client Scenario 1 Client aged 63, 40% taxpayer ( 82k income) Currently paying 6k to pension Likely to have 40k plus accumulated in ISAs So could pay 34k (up to) AA into pension
42 Client Scenario 1 63 year old, 82,000 income Pension contribution 30,000 NET of BRT 24,000 HRT back 6,000 NET cost 18,000 Take 25% PCLS 7,500 Cost now 10,500 Still 22,500 invested
43 Client Scenario 2 Capped Single Drawdown for Gordon Age 62 and married Fund of 250,000 Early retirement due to ill-health but does not qualify for an enhanced annuity/minimum enhancement Wife is also going to retire (age 62) Need to repay the mortgage in full and credit card debts Needs to income of 12,000 now, and would like some flexibility to reduce this when State pension kicks in at age 65
44 Client Scenario 2 Capped Single Drawdown for Gordon Early retirement at age 62 Standard Annuity with 50% Spouse pension 9,963 pa Max GAD income 15,469 pa Takes income of 12,000 pa
45 Client Scenario 2 Capped Single Drawdown for Gordon Age 65 Continue with 12,000 Additional 2,037 pa for 3 years Fund (4% net growth) 166,319 Annuity 9,333 Match annuity income Could choose 9,963 drawdown income or annuity May qualify for an enhanced annuity
46 Client Scenario 3 Capped Phased Drawdown for Gordon Age 62 and married Fund of 250,000 Early retirement due to ill-health but does not qualify for an enhanced annuity/minimum enhancement Wife is also going to retire (age 62) NO need to a lump sum up front Needs 12,000 income now, and would like some flexibility to reduce this when State pension kicks in at age 65
47 Client Scenario 3 Capped Phased Drawdown for Gordon Early retirement at age 62 Standard Annuity with 50% Spouse pension 9,963 Take income of 12,000 Year 1 crystallise 38,676
48 Client Scenario 3 (Flexible) Phased Drawdown for Gordon Age 63 Unfettered access Continue with 12,000 No need to crystallise more and can take income from crystallised fund Take income of 12,000 pa from crystallised fund
49 Client Solutions Investment Advice Opportunities More uncrystallised funds need more ongoing advice More different stages in retirement with varying needs More investment reviews needed More opportunities for tax efficiency eg ISAs, Equity Release Reviewing Existing Drawdown arrangements -transfer? Retaining uncrystallised funds Use of Short term annuities/ guarantees-enhanced later? Cocktail solutions
50 Support materials Calculators Efficient income calculator Critical yield B calculator Income recycling calculator Adviser guide Client options Efficient income withdrawal option Efficient income withdrawal variations Guides Customer case studies Adviser experiences and product view Case studies
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53 Q1 Handset Questions What percentage of your business do you anticipate placing onto platforms in next 12 months? % % 3 60%+
54 Handset Questions Q2 How many of your clients over age 55, have 40k or more in ISAs currently? 1 75% or more 2 50% or more 3 25% or more 4 under 25%
55 Q3 Handset Questions Which option do you anticipate likely to be most suitable for the highest proportion of your At Retirement clients over next 12 months? 1 Annuities, incl. Short term and Enhanced 2 Single Drawdown 3 Capped Phased Drawdown 4 Flexible Phased Drawdown
56 Important Information Past performance is not a guide to future performance Full written details of all Aviva products, services and special offers are available on request Future rates of return cannot be guaranteed and, from time to time, the value of investments can go down as well as up The value of property is a matter of a valuer s opinion rather than fact A personal pension is a unit-linked investment designed specifically for saving for retirement The information contained within this presentation is based on our understanding of current Government proposals and tax law at 30 April 2014, both are liable to change in the future
57 Important Information This information has not been approved for use with customers and is based on Aviva s interpretation of current law and legislation, and our understanding of HM Revenue & Customs (HMRC) practice as at 30 April It is provided for general information purposes only and should not be relied upon in place of legal or other professional advice. Both the law and HMRC practice will change from time to time and our interpretation may be subject to challenge by HMRC or other regulatory body. Aviva cannot act as legal adviser for you or your clients. You should always seek appropriate legal or other professional advice. Aviva Life and Pensions UK Limited. Registered in England No Rougier Street York, YO90 1UU. Authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority Firm Reference Number
58 Authorised and Regulated by the Financial Conduct Authority
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