Beverley BS enhances SIPP income assessment
Beverley Building Society has introduced a tiered approach to assessing income from self-invested personal pension (SIPP) pots.
Its assessment now allows a more tailored view of pension income, with customers able to use up to 8% of their SIPP pot, depending on age.
Beverley Building Society said the change is designed to better reflect how borrowers access and utilise their pension funds, while improving affordability for those in or approaching retirement.
This development formed part of the mutual’s focus on later life lending and its ambition to serve more customers with complex income profiles.
Stu Bryce (pictured), head of new business at Beverley Building Society, said: “We’re continually looking for ways to evolve our criteria to support how customers manage their finances in later life. By introducing a more flexible approach to SIPP income, we can help more borrowers. This is another step forward in our commitment to the later life market, giving brokers greater scope to place cases and helping more customers access the lending they need.”
The enhanced SIPP treatment is available immediately.
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