Our new retirement solution - adapt

If you have a trust-based occupational DC scheme, you can now offer your employees adapt which recognises that they’re unique in terms of when they want to retire, what their income requirements are likely to be and how they use any tax-free allowances.

adapt gives your employees the flexibility to vary their retirement income to meet their changing needs whilst building in some important risk management techniques. These are designed to avoid some of the pitfalls associated with other flexible retirement options.

In addition, it allows your employees to include some or all of their tax-free allowance as part of their ongoing income, offering the potential for higher net income and better protection for their dependants if they die first.

Benefits of adapt

With adapt, your members will be able to:

• stop, start, increase or reduce cash withdrawals from their pension account
• spread their tax-free allowance over time up until age 75
• continue to invest their pension fund in tax favoured investments after they retire
• pass on remaining funds to their beneficiaries when they die
• choose when to buy an annuity.

Members who decide to use the adapt facility will receive an updated personal retirement guide each year to enable them to make an informed decision on when to buy an annuity and on the other options available to them. When they choose to buy an annuity, our annuity purchase service continues to be available to them.

adapt is currently exclusive to Quantum Advisory, and is available to companies that have placed the administration of their trust-based DC pension scheme with us.

We are currently developing a similar solution for Group Personal Pension schemes.

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• adapt
• Communication
• DC scheme administration
• Investment for DC schemes