29 Sep 2026: P1 Investment Management (P1) has today announced a partnership with PIMCO, a global leader in active fixed income, to launch a retirement-focused managed portfolio range for UK financial advisers.

The range of portfolios combines P1’s discretionary management with PIMCO’s active fixed income and retirement income expertise. Funding retirement through natural income can not only provide retirees with sustainable income but also reduce client portfolios’ exposure to sequencing risk while preserving long-term growth potential.

The service is built around a different definition of risk from the one that typically governs model portfolio ranges used before retirement. In accumulation, risk is typically expressed as price volatility and the proportion of equities within a portfolio. In retirement, the questions that matter to clients are whether their income is sustainable, whether it keeps pace with inflation, whether they will outlive their assets, or what happens during a sustained period of market downturns. By meeting a greater share of withdrawals through income naturally generated by the portfolios, advisers are less likely to need to sell assets to meet clients’ income requirements at inopportune times, crystallizing potential losses.

The models combine PIMCO’s extensive active fixed income and retirement income experience with passive equity exposure in a multi-manager framework. The portfolio AMC will be 0.15%. The portfolios are available to UK financial advisers from 1st October via third-party platforms as well as the P1 Platform.

Under the partnership, PIMCO will provide access to its UK Retirement Income Model Portfolios, underlying research and investment experience, while as the portfolio manager, P1 remains responsible for all day-to-day operations, investment decisions and client servicing.

Following the partnership, the existing P1 Retirement Income Portfolios will be renamed P1 PIMCO Retirement Income Portfolios with the MPC cost reducing from 20bps to 15bps.

Will Dickson, Chief Investment Officer, P1 Investment Management, said:

“Most retirement portfolios are still built the same way accumulation portfolios are, with risk defined by how much equity a client holds. This framing is not sufficient when clients start drawing an income.”

“These portfolios represent an evolution in the approach to retirement income. The yield available at the point of retirement has historically been a very useful guide to sustainable spending. Incorporating income means clients are much less reliant on selling assets in falling markets, which is where many retirement plans come unstuck.”

James Priday, Chief Executive Officer, P1 Investment Services, said:

“We’re thrilled to be launching this service alongside global experts in fixed income, PIMCO. Not previously available on the open advice market in the UK, this service will revolutionise how advisers can help their clients enjoy retirement without having to worry about continually depleting their assets."

“Our partnership with P1 brings a decade of retirement income expertise built in the US markets, to UK advisers,” said Simon Hillenbrand, Head of Global Wealth Management - UK at PIMCO. “Our Retirement Income Models are designed to give advisers access to a dedicated investment framework, balancing the need for income with the need for capital to keep working throughout retirement. They also reflect our long-standing conviction that active management can play a particularly important role in fixed income markets, where structural inefficiencies may create opportunities for active managers.”