Marvin OnumonuJust Group has updated its secure lifetime income (SLI) retirement solution to give more flexible death benefit options.
The changes aim to make SLI simpler and offer a clearer death benefit for clients who want to get the most value if they die early.
The 100% value protection option will pay back the original purchase price minus any income already paid, giving a type of ‘moneyback’ guarantee.
SLI is available through partners including Invesco, FE fundinfo, Copia Capital, Wealthtime, Timeline, FinCalc, 7IM, EV, Sparrows Capital and Oxford Risk.
Stuart Slegg, head of retail investment solutions at Just Group, said: “This is an important evolution of the first generation of the SLI solution in response to adviser and client feedback.
“We know that displaying SLI as a unitised value alongside other assets is attractive and these changes will better align the death benefit option with client preferences.”
Russell Lancaster, managing director, platform and intermediary partnership at 7IM, said: “It’s encouraging to see Just Group continue to enhance its innovative SLI solution.
“Retirees are very sensitive to trade-offs between guaranteed income and death benefits, so the added flexibility that Just Group has introduced in these areas is welcome and can make a real difference to how advisers support their clients.”
Patrick Mill, CEO at Wealthtime and Copia Capital, said: “We’re pleased to see SLI evolving to better meet the market and clients’ needs.
“This will be a popular change that will help expand the appeal of this guaranteed income solution to a wider client base.”
