Recognising the value of financial advice at point of retirement
PRSA as a whole-of-life product
From January 2024, withdrawals can now be made from a vested PRSA post age 75, this now makes the PRSA a whole-of-life product and the Vested PRSA an alternative to an ARF. This along with other legislative changes have helped the PRSA to emerge as a simple, straightforward, and versatile vehicle for retirement saving and income drawdown. This means your clients can save for retirement and then draw their retirement income, without the requirement to change products.
We recognise the support that you, as advisers, provide to clients at the pivotal point when they reach retirement and choose how they will access their income in their second lives. We welcome this long-anticipated change to the PRSA, but the ease and simplicity of the process should not be mistaken for an opportunity for providers to forgo commission payments.
Vesting commission
Reflecting the value of your role as clients transition into retirement regardless of the route they choose at the point of retirement, we’re pleased to announce the introduction of a commission payment at the point of retirement of our Synergy PRSA policies. View updated pricing structures here.
The process for retiring a Synergy PRSA is unchanged, but we have updated our retirement options form to include the vesting commission option.
The shift to solutions
At Standard Life we have been supporting advisers for almost 200 years. We’re firm believers in the value of advice, and so we work with advisers to support how you deliver advice that guides clients to a life in retirement full of possibilities.
The simplicity of the PRSA as a whole of life option helps you maintain this one-to-one relationship with your clients both to and through retirement. We harness the strengths of the PRSA, continually innovating pricing and enhancing online applications, to support you having broader conversations with clients, shifting the focus from product and technical aspects of different contracts, to planning for their second life. For more, visit our PRSA hub.