Novia enhances pension options with drip feed pensions drawdown

'Greater efficiency and flexibility'

Julia Bahr
clock • 2 min read

Private equity-backed platform Novia has introduced a drip feed drawdown for pensions to give advisers a wider choice of pension options to select for their clients.

Novia said it prioritised enhancing its pension decumulation functionality and faster trade cycles in response to adviser demand. One of the options for clients is to do regular benefit crystallisation events (BCE) on a chosen day of the month. Clients can now take tax free cash up to 25% and designate the remainder to drawdown, choosing to take the full or partial amount immediately as taxable income or leave it in their drawdown account, according to Novia. "This has the benefit of leaving the tax-free lump sum not yet taken to potentially grow in line with the rest of the uncrystal...

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