Scottish Life launches Income Release Plan

Scottish Life is to launch an Income Release Plan that will allow investors to take tax-free sums out...

Scottish Life is to launch an Income Release Plan that will allow investors to take tax-free sums out of their pension pots and subsequently continue to save. The facility will be integrated into the group’s existing online Pension Portfolio application and will enable pre-retirement over-50 year olds to draw up to 25% out of their pension and then continue to save. Keith MacPherson, Scottish Life’s head of individual business, said: “We believe that the very competitive AMC, often as little as 0.5%, will make Income Release particularly attractive to IFAs and their clients.”