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Retirement Account

We offer a comprehensive range of tax wrappers to meet your clients needs – for now and in the future. You can apply for the accounts below through the Advance by Embark Platform.

  • Enables your clients to benefit from tax relief on their payments.
  • Provide benefits to their beneficiaries if they die.
  • Gives your client a choice about how and when they can take retirement benefits.

Eligibility

This account is only available within an Advance Portfolio. Your client is eligible for this account if they:

  • are aged 18 years or over.
  • are a resident in the UK and have been for at least the last 6 months (for tax purposes).

Charging

The Advance Portfolio charge is a percentage charge based on the value of the assets under administration in the client’s Advance Portfolio. For the Advance Retirement Account there is also an ongoing charge which is currently £75.00 each year. £18.75 is payable quarterly in arrears from available cash in the Retirement Account for as long as the account is open. There is one charge irrespective of whether the account is pre or post retirement. If the account has pre and post retirement arrangements the ongoing charge will be split proportionately to the amount held in each.

For more information on our charges, take a look at our ‘Easy to understand charges – at a glance’.

The risks

As with all investments, there is some risk involved with the Advance Retirement Account.

  • The value of the account may go down and your client may have less to provide a retirement income.
  • The level of risk and potential performance depends on the assets invested in.
  • Your client’s retirement income may be less than expected if investment growth over the lifetime of the account or annuity rates at the time benefits are taken (or both) are lower than expected, or if your client reduces or stops payments to the account.
  • Changes to tax law may affect the tax benefits of the account
  • Charges may increase in the future

Over time, inflation will reduce the buying power of money.

Taking money out of an account

Clients can normally take benefits at any time from age 55, even if still working. If your client is suffering from ill-health, they may be able to take benefits earlier.

Transferring from the account

You can transfer your client’s Retirement Account by either encashing all the investments(cash transfer) or by re-registering all investments with another pension provider (In-Specie).

Closing an account

If you, or your client, change your mind regarding the Retirement Account, the account will be cancelled within 30 days of the customer receiving a cancellation notice. You can contact us by post at Advance Portfolio Team, PO Box 1200, Cheltenham, GL50 9UP or by email at portfolioteam@embarkadvance.co.uk.

If your client passes away, unless death benefit is held in a trust, we will pay cash value to your clients’ nominated beneficiaries either as

  • a cash lump sum, or
  • yearly income via an annuity

We also offer dependants a drawdown option so the beneficiary can move to a portfolio of their own.

Your clients have access to a range of investment options, including:

  • mutual funds;
  • model portfolios;
  • investment advisers (DFMs);
  • cash; and
  • through our Horizon funds

Read our investment options

For supporting documents please view our document library.

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