Explore how evolving retirement trends, client needs, and regulation are reshaping advice - and why more firms are outsourcing investment management.
Article last updated 10 October 2025.
How a centralised retirement proposition compares to a centralised investment proposition and why it matters
A centralised investment proposition (CIP) provides a consistent framework for delivering investment solutions in support of an adviser’s broader advice process, particularly during the accumulation years. But when clients enter retirement, the priorities, risks and planning considerations change significantly. That’s why more firms are adapting their processes to meet the unique demands of decumulation by pivoting from a CIP to a centralised retirement proposition (CRP) in line with the Financial Conduct Authority’s (FCA) expectations
The limits of a CIP in retirement
Most advisers have a CIP in place to guide accumulation. But what happens when a client retires and the goal shifts from growing wealth to drawing it down?
A strategy designed to build long-term capital is unlikely to address the risks that emerge in retirement, including sequencing, inflation, longevity and income sustainability. The FCA’s thematic review has made it clear that advisers now need a distinct, documented approach to decumulation advice. That means building a CRP to support clients as they move into retirement, which is separate from the CIP that may have guided their accumulation journey.
What is a Centralised Retirement Proposition?
A CRP is a structured, repeatable framework that helps advisers deliver consistent, compliant retirement income advice. It guides decisions around:
Structuring and sequencing withdrawals
Selecting investments to support income goals
Modelling income sustainability
Managing inflation, tax and longevity risks
Aligning advice with attitude to risk and capacity for loss
Reviewing and adjusting income strategies regularly
Documenting decisions clearly and consistently
A CRP isn’t a one-size-fits-all solution. It’s a structured framework that helps firms deliver consistent, tailored advice across all advisers by improving client outcomes and supporting Consumer Duty.
A CRP can also serve as a key internal governance tool. By documenting a clear process for retirement income advice, firms can support adviser training, reduce the risk of inconsistent outcomes, and simplify internal file reviews.
From a regulatory perspective, a well-structured CRP also helps demonstrate how the firm is meeting Consumer Duty expectations across areas such as products and services, price and value, client understanding and support.
Most advisers have a CIP in place to guide accumulation. But what happens when a client retires and the goal shifts from growing wealth to drawing it down?
The absence of a structured decumulation framework increases the risk of unsuitable advice. With more clients staying invested in retirement, the regulator is clear: a robust CRP is now a regulatory expectation, not simply an optional extra.
CIP vs CRP: what changes in retirement?
While CIPs and CRPs share a focus on consistency, they diverge sharply in what they’re designed to achieve:
Feature
CIP (accumulation)
CRP (decumulation)
Primary goal
Grow capital
Sustain income over time
Time horizon
Long-term
Often shorter, with more focus on short-term risks
Key risks
Market volatility
Sequencing, inflation, withdrawal, longevity
Focus
Risk-adjusted growth
Income sustainability and capital preservation
Investment strategy
Risk-rated models
Income-oriented or bucket-based portfolios
Tools and modelling
Attitude to risk and fund selection
Cashflow modelling and scenario planning
Review cycle
Periodic rebalancing
Ongoing income reviews and outcome testing
Why the FCA is focused on CRPs
The FCA’s 2024 thematic review (TR24/1) made clear that many firms are still applying accumulation based thinking in retirement. Too often, the review found:
No clear approach to managing withdrawals
Inadequate use of cashflow modelling
Weak alignment between advice, objectives and risk
Poor record-keeping and inconsistent client outcomes
As the report warns: “The absence of a structured decumulation framework increases the risk of unsuitable advice.” With more clients staying invested in retirement, the regulator is clear: a robust CRP is now a regulatory expectation, not simply an optional extra.
Why your CRP matters
Retirement is a uniquely personal journey, and one that can span decades. Circumstances may change through choice (such as returning to work or relocating) or through events beyond a client’s control (such as health issues, inflation, or market downturns).
That’s why the value of a CRP lies not just in how it supports the initial advice, but in how it enables regular, structured reviews that allow plans to evolve over time. A robust CRP ensures advisers can adapt strategies to keep retirement income sustainable, aligned and responsive, no matter how a client’s situation develops.
What makes a good CRP?
There’s no universal template, but the most effective CRPs tend to include:
Cashflow modelling to assess income sustainability under different scenarios.
Defined withdrawal strategies, from natural income to bucketed or total return approaches.
Realistic assumptions for inflation, returns, life expectancy and fees.
Dual risk profiling, reassessing both attitude to risk and capacity for loss.
Integrated tax planning to manage withdrawals efficiently across wrappers.
Robust documentation to support compliance and demonstrate consistency.
Regular reviews to reflect life changes, market movements or spending needs.
One of the biggest advantages of a CRP is that it allows firms to define their ‘house view’ on key decumulation decisions such as default withdrawal rates, stress-testing assumptions or the role of annuities in hybrid strategies.
This doesn’t replace personalised advice but gives advisers a consistent framework to build from, ensuring key risks are considered across all cases. It also makes it easier to apply professional judgement, knowing that the foundations of the approach have already been reviewed, approved and documented.
One of the biggest advantages of a CRP is that it allows firms to define their ‘house view’ on key decumulation decisions such as default withdrawal rates, stress-testing assumptions or the role of annuities in hybrid strategies.
How Rathbones supports your CRP
We work closely with advisers to support the investment elements of their CRPs. Our approach is designed to help you manage the risks of decumulation by offering flexibility, risk awareness and sustainability across a range of income strategies.
We can support you with:
Investment strategies tailored for retirement
Tools and inputs for cashflow planning
Support with review meetings and documentation
A partnership approach designed to complement your advice model
With the right CRP in place and a trusted investment partner by your side, you can deliver advice that’s not just suitable, but deeply reassuring for clients at a pivotal life stage. It helps turn complexity into clarity, supports better long-term outcomes, and positions you as the steady guide clients rely on as they step into retirement with confidence.
What's next?
To explore how we can support your advice process, please speak to your Rathbones business development director or complete the form below and our dedicated adviser support team will be in touch.
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