Tomorrow enhances drawdown offering

At and post retirement specialist Tomorrow has extended its drawdown offering to allow for transfers between both Protected Rights USP contracts and Protected Rights ASP contracts.

Advantages of switching to another provider include continued flexibility for clients to manage their financial affairs when looking for the best investment returns, and perhaps most importantly the ability to escape from poor service.

Ray Chinn, Pension Product Design Manager for Tomorrow said: “The ability to access Pensions Commencement Lump Sums under Protected Rights plans captured many people’s imagination at A-Day – as evidenced by the increase in this type of USP plan. Further changes in stance from the DWP, looking to bring Protected Rights benefits into line with Non Protected Rights means advisers and customers will look more closely at USP as an option for Protected Rights.

“The ability to transfer between providers means that customers who may feel that they are not receiving the level of service they expect from their existing provider can move elsewhere. As a leading provider in the USP market and with a commitment to providing excellent service, allowing Protected Rights USP transfers is a natural step for us.”

From late July 2007, Tomorrow will also begin rolling out a new quotation system, EQUOTES.

The EQUOTES system will offer financial advisers increased flexibility and use improved technology, which in turn will benefit financial advisers and their customers. The initial pensions products utilising EQUOTES will be USPs and it is envisaged that following this initial development it will be possible to move all pensions products onto the EQUOTES environment, by the end of the year. This has already been successfully used by Tomorrow in recent months for both annuity and equity release quotes.

Ray Chinn added: “These changes are further evidence of our commitment to continually improve our service to advisers and customers alike. Customers will find the new illustrations much more user friendly in terms of their readability and transparency. Advisers will benefit from this and also the fact that we can now e-mail or fax a full illustration pack as part of the illustration process.”