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When legislation passed to make Income Drawdown feasible, Scottish Mutual was ambitious to launch an innovative offering market. They wanted a software provider with detailed knowledge of the UK market and the ability to deliver calculation software to specific requirements.
CTC was selected after an RFP process and the project was delivered in short phases. Firstly a standalone accumulation and income drawdown illustration system, then integration between accumulation and drawdown and finally full administration support.
Scottish Mutual, now part of the Phoenix Group, continues to run the Income Drawdown product using Elements supporting clients with very large plans.