This article provides a step-by-step guide as to how you can quickly and easily write a suitability report for a beneficiary drawdown plan


  1. Go to write / view report and select or create the client you wish to write the report to.
  2. Select the Report Creation Method, this will most likely to be 'from scratch' as Genovo doesn’t have a Pre-configured advice scenario or Report Template to cover advice on beneficiary drawdown.
  3. Pick the report type. I suggest you use the Suitability Report type.
  4. Create the report.

Once in the Report Builder, you’ll need to start adding the required sections and this is where you’ll face your first fundamental choice, based on whether the deceased’s plan was completely uncrystallised, (Scenario 01) or had any element (however small) of crystallised funds (Scenario 02). We’ve split the main content of this article into two scenarios, based on whether the existing plan is uncrystallised or crystallised.


Scenario 01 – Existing plan is fully uncrystallised


Review of Your Existing Pension Plans section

If the existing plan has no crystallised funds, then you’ll need to add the Review of Your Existing Pension Plans section to the Report Builder.


In the Plan Summary step, you should add the deceased’s pension plan. Remember that the content of the Ownership field can be overwritten with your own text. 


While you’re entering the plan details, it's probably advisable to enter a Current Investment Strategy for the existing plan, as you’ll either be recommending that the beneficiary maintains the same strategy, or adopts a new investment strategy – either way, it’s useful to have recorded how the current plan is invested.


When you get to the Recommended Action step, you should select one of the following:

  • ‘take beneficiary drawdown from’ – where the plan is staying with the current provider.
  • ‘take beneficiary drawdown having switched’ - when recommending a change of provider.

Then complete the remaining steps as required.


Drawing Benefits from Your Pension Fund section

Regardless of the Recommended Action selected in the review section, you’re definitely going to be recommending a new plan to the client, so you’ll need to add the Drawing Benefits from Your Pension Fund section. In the Plan Summary step, you’ll select Beneficiary Drawdown as the plan you’re recommending and complete each of the subsequent steps as required with details of the new plan being recommended.


Recommended Investment Strategy / Client Risk Profile section

Here you’ll confirm your client’s attitude to risk and capacity for loss, as well as provide details of the investment strategy you’re recommending for the Beneficiary Drawdown plan being recommended. Remember – if you’re replicating the Current Investment Strategy in the new drawdown plan, it is possible to clone a Current Investment Strategy. As usual, there’s a Genovo Knowledge Base article that explains how to do this.


Scenario 02 – existing plan is partially or fully crystallised

Review of Your Existing Retirement Income Plans section

A screenshot of a computer

Description automatically generated with medium confidenceIf the existing plan is crystallised (even only partly), then you’ll enter the existing plan in the Review of Your Existing Retirement Income Plans section.

Just as in Scenario #1 above, you can add your own content into the Ownership field.

Also as with Scenario #1 above, you should probably enter a Current Investment strategy for the existing plan.


When you get to the Recommended Action step, you should select one of the following: 

  • ‘convert to beneficiary drawdown’ – where the plan is staying with the current provider.
  • ‘take beneficiary drawdown having switched’ - when recommending a change of provider.

Then complete the remaining steps as required.


Drawing Benefits from Your Pension Fund section

If you’ve selected ‘take beneficiary drawdown having switched’, you’re clearly recommending replacement business, so you’ll definitely need the Drawing Benefits from Your Pension Fund section.

Again - there’s nothing specific in this section to support inherited drawdown, so you should just complete each of the section wizard steps as required with details of the new plan being recommended.


Recommended Investment Strategy / Client Risk Profile section

You’ll definitely need this section, as it also deals with attitude to risk and capacity for loss.

If your selected Recommended Action is ‘convert to beneficiary drawdown’ and if the client is continuing with the current investment strategy of the existing drawdown plan, then you won’t need to add a recommended investment strategy. Otherwise, complete as normal.