FRIA
The Flexible Retirement Income Account (FRIA) is a personal pension arrangement that provides an investment umbrella under which your client can move between three retirement options:
- Personal pension (called Pension Reserve);
- Flexible Income Drawdown Plan;
- Flexible Lifetime Annuity
Without interrupting their preferred investment strategy, FRIA enables your client to take control of their:
- Investment - Choice and control of 18 investment funds from four different fund managers allowing a seamless investment strategy from Pension Reserve through Flexible Income Drawdown Plan into Flexible Lifetime Annuity.
- Income - By choosing the amount paid each year from both the Flexible Lifetime Annuity, which also guarantees income for life, and Flexible Income Drawdown Plan.
- Inheritability -
- Pension Reserve: The dependants can normally receive the value of the fund on the clients death.
- Flexible Income Drawdown Plan: Choice of death benefits including dependants drawdown or return of fund less 35% tax.
- Flexible Lifetime Annuity: Income generating options including a joint life option and/or ringfencing to provide benefits in the event of early death.
