My client’s annuity rate is going to be different to the standard rate; how do I record this in EVPro?

There is no option for specifying an annuity rate in EVPro. When you use the ‘Buy annuity’ option in the Actions section of Current or Revised plan EVPro will use standard annuity rates.

If you have specific annuity rates to use for your client, then the following approach can be used.

  • Add the clients existing assets into Current plan
  • Create a Revised Plan
  • Remove the Pensions that are going to annuitize from the assets section using the Bin at the end of the line
  • Create an Income for each annuity using the 'Other income' type. This will enable you to enter an income that you have calculated using the known or anticipated annuity rate and the fund value (taking into account any fund reduction for tax free cash). The Other income option allows you to specify a start date and also an end date if appropriate

A Revised plan 3

  • For any tax-free cash, this can be modelled as a separate income using the "Non-taxable" option and selecting "One off" for the frequency and entering the date under "Start date"

A Revised plan 4