Platform specialist Novia Financial will be first to launch with SLI from Just Group.
New fintech solution transforms the way life and pension companies integrate their services within advisers’ platform environments making it easier and more efficient for advisers to transact business.
Novia Financial plc, the investment adviser wrap platform and Just Group plc, the leading provider of retirement income products have teamed up with Spire Platform Solutions (Spire PS) to bring to market a truly innovative Guaranteed Lifetime Income product for the retirement market – Secure Lifetime Income (SLI).
Spire PS will supply the technology that powers the product and has been instrumental in its design.
The product, SLI operates as an ‘asset’ within a client’s existing Self Invested Personal Pension (SIPP), offering a guaranteed income for life underpin to a wider investment strategy. It also provides a meaningful payout on early death and – uniquely – offers an early encashment option if the client’s circumstances change.
Adrian Boulding, chief innovation officer at Spire PS said: “This is a truly innovative solution for today’s world of pension flexibility and rapidly advancing platform technology. The fintech solution developed by Spire PS has transformed the way life and pension companies can integrate their services within advisers’ platform environments to make it easier and more efficient for advisers to transact business.
“Our new technology enables advisers to deliver a guaranteed income underpin within the SIPP wrapper, forming part of a wider portfolio reflecting that client’s individual income needs, risk appetite and capacity for loss. Bill Vasilieff, chief executive at Novia said: “This is an innovative and exciting development in the retirement solutions space and we are thrilled to be offering the Guaranteed Income solution via the Novia platform.”
He said there has been pressure on the industry from the government and the regulator to provide a truly innovative solution addressing the challenges of flexibility and security in retirement planning.
He added: “The technology and tools available in a platform SIPP mean that an investor can invest to provide a sustainable income as part of a complete retirement strategy and benefit from the transparency, flexibility and consolidation that investing via a platform provides”
Stephen Lowe, director at Just Group said: “We are pleased to have worked in collaboration with Spire Platform Solutions and Novia to bring this innovative solution to market.”