The first new provider of ‘Pension Bank Accounts’


John Hiew
Assured Retirement Ltd
T 0117 284 4013

The first new provider of ‘Pension Bank Accounts’

As part of biggest change to pension savings in living memory, retirees no longer need to buy a lifetime annuity to provide a retirement income and on the 6th April 2015 the Government introduced rules that enable people to make any number of withdrawals, of any size, from age 55, hence the term ‘Pension Bank Accounts’ that has often been used in the media.

It is disappointing but perhaps not surprising that a number of the large established pension providers have decided not to allow savers to access their pensions like a bank account.

Clearly, in most cases, pension plans were not built to offer this type of flexible access and the systems changes needed by the large providers are no doubt significant. However, it has also been suggested in the media that the huge privileges enjoyed by the pension industry – notably through the sale of profitable annuities – will finally begin to be dismantled and many existing providers are reluctant to see a revolution where individuals will be put back in control of their own money.

Assured Retirement have come up with a solution by offering a simple, low cost and low risk product for all those who are being denied flexible access to their pensions by their existing providers.

Our Cash Retirement Account – a low cost pension with no investment risk designed for the average retiree who wishes to access their pension using the new post 6th April pensions flexibility, but do so in a tax efficient way. The Cash Retirement Account only invests in cash deposits and each account may be tailored according to individual needs. It offers access to tax planning for all retirees, by allowing the phasing of pension payments over a period, enabling every individual to make the most of their personal and basic rate income tax allowances.

John Hiew, Chief Executive of Assured Retirement says:

“An estimated 130,000 individuals are expected to access their pension funds in 2015/16 alone and the recent decision by some of the larger providers not to offer flexible access will be a disappointment to many customers. The Cash Retirement Account allows such access and is available to any customer by transferring their existing pension fund into our Cash Retirement Account. It is a new product that uses modern technology to offer a low risk, low cost retirement income solution that is not constrained by the system restrictions and / or commercial conflicts that appear to be an issue for some existing pension providers.”

The Cash Retirement Account:

  • Can be set up for any investment term from 1 year to 5 years, in whole months
  • Has a minimum investment amount of £18,000, net of any tax free cash lump sum
  • Offers the ability to specify a taxable lump sum in addition to a tax free cash lump sum
  • Enables individuals to tailor their income, defer taking income, take a sustainable income or take no income at all
  • Offers the facility for an individual, or their employer, to make additional pension contributions
  • Has no investment risk because it only invests in cash deposits
  • Limits the exposure to any single bank or building society to a maximum of £85,000
  • Only uses bank/building societies that are covered by the Financial Services Compensation Scheme
  • Maximises the interest earned by using a panel of banks, building societies and National Savings and Investments
  • Offers both Flexi-Access Drawdown and Uncrystallised Funds Pension Lump Sum options
  • Has a low, all inclusive charge that is fully disclosed within every Personal QuotationAbout Assured Retirement: Assured Retirement was created to provide a new range of simplified pension products designed for those who wish to access their pension savings in a low risk, flexible and low cost manner. Our website has a comprehensive ‘Client Zone’ where we have a range of external links, case studies, product information and technical guides.Web:
    Tel: 0117 284 4013

    Assured Retirement Limited is authorised and regulated by the Financial Conduct Authority, FRN 651421.
    Registered and incorporated in England and Wales No. 09265346. Registered address is 23 Westfield Park, Redland, Bristol, BS6 6LT.

    You should not take, or refrain from taking, any action based on this information. This information is not advice and if you are unsure about the suitability of an investment, you should seek Independent Financial Advice.

This entry was posted by John on Monday, June 8th, 2015 at 5:31 pm and is filed under Assured Retirement news.