Drawdown flexibility for a personalised approach

Drawdown is all about flexibility and our latest pension enhancements are designed to make it easier for you to support your clients’ needs with a personalised approach.

These updates are part of a broader overhaul of our retirement offering to improve adviser and customer journeys, simplify language, and save time across the board. All based on continuous feedback and input from the broad range of firms we work in partnership with. Our focus is creating a more intuitive experience that better supports advisers, paraplanners and administrators in helping their clients achieve good outcomes.

What’s new?

We’ve upgraded your drawdown experience:

Drip Feed Drawdown (DFD): enables clients to crystallise small portions of their pot regularly, balancing tax-free cash and taxable income while leaving the rest invested

Monthly Uncrystallised Funds Pension Lump Sum (UFPLS): a practical addition to help you offer a full suite of options

 Enhanced digital journeys: built and refined in partnership with users. We’ve made further improvements to the paperless, signature-free drawdown process we introduced in February. These updates reflect direct feedback from users – making each step clearer, faster and easier

Upgraded illustration tool: now supports DFD, making it easier to model ‘what if’ scenarios and explain drawdown strategies

Supporting client conversations: ‘SIPP’ is becoming ‘Pension Account’ to better reflect how you and your clients talk about retirement planning. You’ll see this change across our materials and systems over the coming months.

You’re already seeing the impact:

• Client satisfaction scores have jumped from 5 to 9 out of 10
• Ease-of-use ratings have nearly doubled from 2.3 to 3 out of 5
• Average drawdown request time has dropped from 30 minutes to under 10 minutes.

As one adviser we worked with put it, “The journey is really easy, especially since it removes the whole paper-based process, with no signatures or emails – it’s all done online, almost instantly. It’s great to be able to give clients accurate timescales straightaway”.

The transformation of Morningstar Wealth’s retirement proposition is well under way as we continue to shape our pensions offering to meet your needs. This year alone we’ve rolled out six pensions-related upgrades, with more planned for the coming months. Owning out own technology means we’re in control and can make these continuous improvements.