© Metropolis Financial Platforms Ltd 2025. ALL RIGHTS RESERVED
In association with
Click here for disclaimer
Content
Introduction by Tom Browne
It hardly needs to be said that retirement brings a whole new set of financial challenges. While market ups and downs can be useful when you’re saving, they become a real worry when you’re relying on your investments for income. A market downturn early in retirement can have lasting effects, making sequencing risk — where withdrawals happen during a market dip — a serious concern. If savings take a big hit early on, they may never fully recover, leaving retirees with less income in the long run. Another key issue is longevity. With people living longer, retirement savings may need to last 20 to 30 years or more. Traditional rules, such as the 4% withdrawal rule, aren’t as reliable as they once were, especially with inflation chipping away at purchasing power. Healthcare costs, particularly long-term care, add another layer of uncertainty, making it even more important to plan ahead. When it comes to investment strategies, retirees have a range of options, but none are perfect. Annuities provide guaranteed income but can struggle to keep up with inflation. Income-focused portfolios offer flexibility but can prioritise yield over long-term growth, which carries its own risks. Multi-asset strategies — blending equities, bonds and property — can help balance income and capital preservation, but they don’t eliminate volatility entirely. That’s where smoothing strategies come in. These approaches help reduce the impact of market swings, making it easier for retirees to stick to their plan without panicking when markets dip. By adding a layer of stability, smoothing techniques can help retirees protect their income and stay on track financially. As this supplement will explore in more depth, a smart retirement plan combines different strategies to manage risk while keeping income steady. A mix of equities to fight inflation, bonds for stability and annuities for guaranteed income can help retirees enjoy their later years with confidence. With markets shifting and financial pressures growing, having a flexible and well-thought-out approach is the key to making retirement savings last.
Approaching retirement: what are the risks?
Dealing with volatility post-retirement
Scroll
Tackling risk in retirement
smoothed funds
Go to...
Feature
Q&A: Stuart Bate
Valuable constituent of an adviser’s toolkit
The Standard Life Smoothed Return Pension Fund
Data
Risks change for investors when they reach retirement. In accumulation, the risks are generally around not saving enough and for long enough, or not taking sufficient risk to support wealth accumulation. In retirement, however, a more complex and nuanced set of risks emerges around volatility, the sequencing of returns, longevity and withdrawal rates. Market volatility has a different impact post-retirement. Pre-retirement, volatility can be useful, with long-term investors rewarded for taking volatility risk. However, as retirement nears, a downturn in the market can severely impact retirement savings and lower the income available to support a retiree’s lifestyle. In the worst cases, this impairment may prove permanent. Diversification protects against these losses to some extent but is not a panacea. In 2022, for example, the average global equity fund lost 11.1% while the MSCI World Index dropped 17.8%. Bonds should have been a bulwark against this weakness, but the average UK gilt fund dropped 35.3% and the average strategic bond fund fell 11% (source: Trustnet, 1 year to 31 December 2022). The average 60/40 investor retiring in 2022 may have found themselves with 10%–15% less than they had expected, with a commensurate drop in their retirement income. Longevity risk is also a significant factor. With average life expectancy continuing to rise, retirees increasingly face the risk of outliving their savings. Advisers must consider how long a client’s retirement funds may need to last, which can sometimes stretch to two or three decades, or more.
Approaching retirement: What are the risks?
Retirees face a range of complex and nuanced risks, but these can be mitigated with a smoothing mechanism
‘A retirement that lasts 30 or more years requires careful financial planning’
Home
AJ Bell head of investment analysis Laith Khalaf says: “A retirement that lasts 30 or more years requires careful financial planning to ensure funds do not run out too soon.” Quilter Cheviot chartered financial planner Ian Cook agrees that retire ment pots need to stretch ever further as life expectancy increases. “As advisers, we can use tools such as cashflow planning to help clients understand how far their money will go, and if they need to make any adjustments to their expenditure. “With this information, clients can make better-informed decisions when exploring options such as annuities or adjusting their withdrawals to help ensure their savings last.” But rising longevity will also affect the investment strategy. When retirement pots needed to last only a decade or so, inflation mitigation may not have been such a significant consideration. However, as retirement elongates, it becomes crucial. Chelsea Financial Services managing director Darius McDermott says: “Even moderate inflation of 3%–4% per year can significantly erode the real value of a retiree’s savings if they’re locked in low-growth income assets. “As inflation chips away at purchasing power, maintaining the desired standard of living becomes harder, increasing the risk of running out of money too soon.” This is becoming a more pressing issue as a number of the factors that have kept inflation low — such as globalisation and the influence of China — start to reverse. Fairview Investing investment director Gavin Haynes says: “Trump’s targeting of low taxes and use of tariffs have the risk of being inflationary and, at home, wage growth is concerning the Bank of England. [The experience of] 2022 proved that it is very hard to hedge against an inflation shock, with bonds and equities falling in tandem.” Khalaf says that maintaining an allocation to equities is an important defence against inflationary pressures, as are inflation-linked annuities. Nevertheless, equities bring volatility, and inflation-protected annuities start at notably lower interest rates. Strategies that bring in some form of smoothing can be useful as a result.
Cashflow planning
Healthcare costs are another important factor. Healthy life expectancy has not necessarily kept pace with broader life expectancy, and it currently sits around 20 years behind. This has a financial impact. Unexpected medical expenses can drain retirement savings quickly. Advisers will be grimly familiar with the exorbitant cost of later-life care, with the average nursing home costing around £1,400 per week. Planning for these potential costs is essential to safeguard financial security. In reality, many investors will rely on their home. Options such as equity release can be useful and may provide a lifeline for families. However, the investment strategy an adviser employs throughout a client’s retirement can have an impact on the type of decisions the retiree is forced to make around later-life care. For example, if the pot can be preserved as far as possible, grow in line with inflation and avoid significant volatility, there may be more money left over to pay for care. A final risk for retirees is the withdrawal rate. Deciding how much to withdraw from retirement accounts can be tricky: withdraw too much early on and savings are depleted too soon; withdraw too little and it may compromise a retiree’s standard of living. This is a particular consideration in the wake of the Autumn Budget, which put unused pension savings into the inheritance tax net. For some time, many advisers have been guided by the 4% rule of thumb devised by financial adviser William Bengen. This makes intuitive sense in that it is just below the current yield on 10-year government bonds (4.5%) and just above the yield on the UK stockmarket (3.6%). However, recently Bengen’s research has been called into question. The model is designed to see a retiree through only 30 years; with a quarter of today’s 50-year-olds likely to live to 95 and 10% likely to live to 99, there is a danger that it may fail retirees at the last hurdle (source: Office for National Statistics, Life Expectancy Calculator). The model has also proved a less-reliable guide through periods of both high and low inflation. It may not provide enough income, and it may not give retirees enough to live on. Again, introducing an element of smoothing can create greater flexibility in drawing an income.
‘Even moderate inflation of 3%–4% can erode the real value of a retiree’s savings’
By Cherry Reynard
Healthcare costs
Long-term returns
A range of funds has emerged to address some of these risks. For example, the Phoenix Group currently runs the Standard Life Smoothed Return Pension Fund with Fidelity Adviser Solutions, and there are also offerings from Aviva and LV. These funds can help retirees to stay invested, harnessing the benefits of long-term stockmarket growth while minimising volatility. The smoothing mechanism can enable the investment manager to manage for long-term returns rather than short-term risks. This can go a long way towards managing the diverse and complicated risks faced by investors at retirement.
Prior to retirement, volatility is an investor’s friend, even if the investor doesn’t always see it that way. It creates opportunity, it allows for faster growth, and investors are rewarded for taking the associated risk. At retirement, however, that advantage starts to falter. A retired investor is much more worried about how significant fluctuations in markets could affect their ability to draw a steady and consistent income. Today, volatility remains at relatively low levels. The Vix index, a measure of volatility in the S&P 500, has been persistently low over the past decade, barring some spikes during the pandemic. The CBOE Volatility Index, which measures volatility in US government bonds, is also at historic lows, having seen significant volatility up to mid-2022. However, it may not feel like that to investors, who saw US$600bn wiped off the Nvidia share price in a single day due to the arrival of Chinese AI rival DeepSeek, or Donald Trump creating turmoil with his erratic pronouncements on tariffs and foreign policy. The US 10-year bond yield has been as high as 4.8% and as low as 4.4% since the start of January. Equally, history suggests this benign volatility is unlikely to last indefinitely. Pressure points are building in the market. The concentration of the S&P 500 index is at its highest level since the ‘Nifty Fifty’ trade of the 1970s. Fairview Investing investment director Gavin Haynes highlights the high valuations of the mega-cap technology sector. “Given the starting valuations, it will be harder to meet expectations in 2025, and only Meta has made material gains in the year to date [up over 20%],” he observes. Haynes says regulation and competition may dilute margins for these tech behemoths and hurt returns. As investors accumulate wealth, this unpredictability doesn’t matter much. They will be making regular contributions and can adjust their retirement timeline. Once in retirement, however, it matters far more. Unpredictability can affect an investor’s retirement income, year to year.
Unpredictability can affect an investor’s retirement income. Smoothed funds help to reduce the lumps and bumps
‘Over time, inflation erodes purchasing power’
Timeframes
Timeframes are particularly important to a retiree in drawdown. If the sequence of returns is wrong, the retiree’s income security is damaged, potentially for ever. AJ Bell head of investment analysis Laith Khalaf says: “Retiring investors face sequencing risk, for instance when a market downturn occurs early in retirement, depleting assets more quickly than expected and making it difficult to recover.” Various solutions have been created to deal with this over the years; each has its advantages and limitations. At one end are products that provide a guaranteed, fixed monthly income: annuities. At the other are equity-based options that provide a flexible monthly income (it can go down as well as up) but retain exposure to the growth available from stockmarkets. Although annuity rates have risen in recent years, annuities have the disadvantage that investors lose access to the capital and may be left vulnerable to inflation. Income-focused options have been a natural replacement, particularly during periods of low interest rates. Nevertheless, says Chelsea Financial Services managing director Darius McDermott, there can be limitations to this option as well. “One of the biggest mistakes retirees make when managing their portfolios is overloading on income-producing assets — or, worse, withdrawing too much into cash,” he says. “The reality is that most people need their retirement savings to last at least 20 years, and prioritising income at the expense of growth can be risky.” Multi-asset options have been a way to generate both growth and income, while managing inflationary risk over time. Quilter Cheviot chartered financial planner Ian Cook says: “Over time, inflation erodes purchasing power. For retirees on a fixed income, this can be challenging. Having a well-structured and well-diversified portfolio can help to protect investments from the decline in purchasing power.” He adds: “Even for clients with a lower appetite for risk, investing in a portfolio with a range of assets — such as equities, corporate bonds, gilts, property shares and sometimes alternative assets — can amount to a relatively low-risk portfolio that is still likely to perform better than cash.”
Third way
But even a well-balanced multi-asset portfolio cannot always fully dampen volatility. Hawksmoor Investment Management senior fund manager Daniel Lockyer points out that even funds that regularly rebalance to rigid asset allocations — as 60/40 funds tend to do — can come unstuck, as in 2022. “Bond yields were close to 0% at the start of that year and equity valuations were at record highs,” he says. Both asset classes proved vulnerable to a shift in the interest-rate environment. Real assets provided some defence but weren’t necessarily held by all multi-asset funds. There is a third way. Using an insurance policy such as smoothing as an overlay to a multi-asset fund can reduce the daily lumps and bumps of market volatility, and remove some of the risks inherent in getting the right sequencing of returns. This smoothing can have a significant impact for a client drawing an income from their pot. Not only does it help to avoid big market drops but it keeps the retiree calm amid emotive markets. They know their insurance policy will do what it should. This may prevent them making rash decisions in response to volatility that could damage their long-term wealth (such as moving into cash). It means the retiree can continue to live the life they had planned for with less income security risk. This type of approach requires advisers to look at performance numbers in a new way. Rather than the return achieved versus a benchmark or peer group, they must look at the extent to which the smoothing mechanism took out the daily/weekly up and downs. This may mean studying daily maximum drawdown figures compared to the benchmark numbers, rather than the portfolio numbers. The approach can also free up the fund manager to set a long-term strategic asset allocation that maximises risk-adjusted returns and takes advantage of long-term trends, rather than have to adapt it to manage short-term volatility. In this way, it may be a valuable addition to the range of products that help to manage volatility in retirement.
smoothed funds: valuable constituent of an adviser’s toolkit
Head of wholesale partnerships, individual retirement, Standard Life, talks to Money Marketing about the group’s Smoothed Return Pension Fund
Stuart Bate is head of wholesale partnerships, individual retirement, at Standard Life, having joined the group in September 2022. He was previously head of partnerships and business development for the savings and retirement business at LV=. He had been at the group for more than a decade. He started his career as an account manager for Prudential Assurance, working closely with IFAs.
Smoothed funds have traditionally been thought of as a solution for cautious investors. This is the type of individual who is more concerned with possible losses rather than probable gains. In that context, smoothed funds offer the investor an emotional insurance. They get a more comfortable investment journey with access to the attractive investment returns available from a global multi-asset fund. That’s the essence of smoothed funds and how they’ve been typically thought about until recently. There’s around £65bn invested across the UK in smoothed funds. They’ve had a niche role, and it’s been a successful niche. We believe that’s not the full story and there’s a wider-use case for smoothed funds.
Stuart Bate
For those retiring or planning to retire, advisers are recommending smoothed funds as part of the solution for a client, rather than the whole solution. To support short-term goals, advisers will typically recommend using cash or cash-like investments. That’s to cover their immediate cash needs, and for the next year or two. Beyond that, there is a medium-term bucket, to support goals and objectives that will be realised over the intermediate time-frame. The case for using smoothed funds here is compelling. They typically offer steadier and more predictable returns, plus a hedge to inflation and real growth in pension savings. Through the smoothing mechanism, they provide some shelter from the risk of variability of outcomes that might be caused by a market downturn at the wrong time. When you know you’ve got more stable assets behind your short- and medium-term goals, it is easier to hold higher-returning/more volatile assets aligned with your longer-term goals. Then, from what we’re seeing, many clients will also retain a weighting in longer-term growth assets that are fully market exposed. As such, smoothed funds are a valuable constituent of an adviser’s toolkit.
There’s a lot of talk about low-cost index investing and, if you’re investing for the long term, the case for using a low-cost total market index fund as your primary investment vehicle is compelling. As an investor, you just need to understand that volatility is a feature of investing and not a bug. Volatility is the price of admission for stockmarket investment and a route to higher returns. I’ve heard people say that the best way to manage volatility is ‘not to look’, but that flies in the face of engagement. We should be wanting people to understand their financial products. Our view is that we should be encouraging clients to understand what they’re buying. We need people not to bury their heads in the sand over volatility. After all, volatility can of course be helpful to investment outcomes.
‘Peace of mind for investors is provided by the smoothing mechanism’
While smoothed funds are useful for a certain point in time, are there other types of client for whom they may be suitable?
We’ve talked about how smoothed funds are often used for cautious clients. We believe they also have a role for clients who are less able to weather the ups and downs of the market. Advisers can assess the behavioural capacity of clients to withstand the investment journey using investor profiling tools and their expert judgement. If someone is considered to have low composure with high impulsivity behavioural characteristics, they are more likely to sell an investment at the wrong time, to the detriment of their long-term wealth. We see a healthy take-up among these ‘lower composure’ clients, who might otherwise do something rash in response to market volatility. In these cases, it can support the solution the adviser is providing to the client. Smoothed funds can help provide a solution that a client has the best chances of realising in practice, rather than just a theoretically optimal one.
How do you differentiate the Standard Life fund from other funds on the market?
The smoothed funds available in the market use different price smoothing mechanisms, each with their respective merits. When we looked to develop the Smoothed Return Pension Fund for the Fidelity Adviser Solutions platform, our view was to design a mechanism that advisers would have some familiarity with and that they and their clients could easily understand and get comfortable with. We settled on using an estimated growth rate (EGR) approach to smooth out daily market fluctuations and provide investors in the fund with a relatively stable investment journey. The returns from the fund are driven by the underlying investment engine and the different assets held. The fund is designed to provide a steady, risk-adjusted return that enables investors to grow their wealth over time. However, the points of distinction are not just around the fund. They are also about the availability of the fund on platforms. Most advice firms have established their supply chains around platforms, yet it’s quite a new development that these funds are available on platforms at all. Price is another important differentiator.
What role have smoothed funds played in portfolios historically?
What might that look like in a client’s overall investment solution?
How should investors view volatility in normal circumstances?
What is the investment strategy underneath?
It’s a global multi-asset fund, managed to a particular risk corridor. It’s in the region of 55% equity backed, globally diversified in terms of region and asset type with a mix of both active and passive management approaches. The engine reflects the steady, predictable returns we are trying to achieve. Typically, on a risk scale of 1 to 10, it would sit at 5.
What types of adviser use smoothed funds?
Given the way advisers now look at smoothed funds — not just for a particular client type but for a particular phase of the retirement journey too — they’re relevant for all advisers to consider as part of the kitbag. One constraint has been their availability on platforms; however, we’re addressing that problem. For advisers, these can now become an easy-to-implement and natural part of the options they use to support their advice.
‘This is a time of life when wealth is exposed to the “retirement risk zone”, a time when it’s important to think differently about volatility and its potential impact’
Where else do you think they could be used?
Our view is that we shouldn’t focus only on the negative — i.e. management of risk. One of the real advantages of holding a smoothed fund within a broader investment portfolio is that it enables investors to take a longer-term view on growth assets, and to incorporate the more attractive returns available from more volatile assets to support their long-term goals, while supporting medium-term goals with the more stable return profile typically available from smoothed funds. This is where we are seeing advisers looking to use smoothed funds for a much broader segment of their client base as opposed to just cautious clients.
And how should that change as they approach retirement?
There is a time in life, commonly known as your ‘wealth window’, when investors need to think differently about volatility, and that is when they have limited time left to earn an income and actively save. It’s also a time when an investor’s decisions will determine how well they live their life when they stop working. Recent research from BNY Mellon and NextWealth shows that advised clients, on average, move into retirement at age 61. So, a 55-year-old planning to retire at 61 has a wealth window of six years. They’ve got income coming in and they’re saving hard to secure their life post-work. A 61-year-old is not just thinking about a 25-year time horizon. They will have many objectives covering different timescales and there is no single miracle investment that will fulfil all objectives. Financial planners need an array of tools in the kitbag that they can use to fund the different requirements of the client. And this is where smoothed funds have emerged as a useful tool to help provide some resilience to clients’ portfolios in retirement. This is also a time of life when wealth is exposed to the ‘retirement risk zone’, a time when it’s important to think differently about volatility and its potential impact. That’s not just for cautious investors, it’s for everyone. It’s a time when managing the variability of returns to support short- and medium-term goals is key. Market declines that happen in this zone can have a disproportionate impact on wealth and income generation in retirement. We believe that smoothed funds have a vital role to play in this part of an investor’s wealth planning. Using smoothed funds as part of the solution in this way can help avoid being forced to sell growth assets in a down market to meet an objective, and thereby help reduce the risk of the portfolio being depleted due to poor market performance in the early years of retirement. Similarly, the more stable return profile offered by smoothed funds can help retirees to confidently draw down pension income without unnecessarily worrying about sharp market declines affecting it.
Why did you set the risk at this level?
We find that this works for a large number of clients on their journey to and through retirement. Published data illustrating the behavioural preferences of advised clients suggests that, as people age, they become less willing to take risk. Their feelings of concern or regret for potentially missing out on a profitable investment are, until this point, a dominant behavioural preference, but that falls away steeply as they become aware of how many pay cheques they have left. It is replaced by a preference for certainty — our desire to opt for more certain outcomes rather than the prospect of larger gains if this involves taking more risk. This is logical: the stakes are a lot higher at retirement. Investments simply don’t have as much time to recover from any losses. In addition, people’s risk-taking identity changes significantly as they age. These changes could be problematic. The investor could be tempted to reduce exposure to equity-backed or real investments, which can in turn increase the risk of retirement savings not keeping pace with inflation and growing. This is where smoothed funds can really help. Investors have peace of mind provided by the smoothing mechanism, and they can retain their exposure to real assets and the potential growth that goes with them.
Our Smoothed Return Pension Fund is a multi-asset solution that runs with a smoothing mechanism. It aims to not only grow your client’s pension savings over the medium-to-long term, but also give them some shelter from the effects of short-term market volatility.
Target market and client suitability
For professional clients only, not suitable for retail investors. The views expressed are the contributor’s own and do not constitute investment advice.
Our Smoothed Return Pension Fund could be suitable for clients who show the following behaviours:
Source: Actual performance data: FE fundinfo Limited, 31st January 2024 to 31st January 2025
Diversified multi-asset solution managed by Fidelity International
4
You can access it exclusively through the Fidelity Adviser Solutions platform
To learn more about the Standard Life Smoothed Return Pension Fund, visit www.standardlife.co.uk/smooth
Are uncomfortable with financial uncertainty and don’t want to expose their retirement savings to undue risk
Can accept a moderate loss on their investment
Want reassurance that the impact of day-to-day market ups and downs will be limited
May not have the mindset to accept short-term setbacks
Want a reasonable expectation of steady returns
Prefer predictability over uncertainty
Reasons to invest in the Smoothed Return Pension Fund
We apply an estimated growth rate (EGR) smoothing mechanism
Can be used with other funds as part of a blended investment solution
Annual management charge (AMC) and ongoing charges figures (OCF) of 0.8%* *This charge does not include any platform charges
Mapped by leading independent risk- profiling providers
How the assets are allocated
Data correct as at December 2024
How to access the fund
The fund is actively managed in partnership with Fidelity International and you’ll find it exclusively on the Fidelity Adviser Solutions platform.
Defining our partnership with Fidelity
A leading investment and retirement services platform committed to building long-term relationships with advisory firms.
Adviser Solutions
defaqto
5
risk rated
This information is for qualified financial advisers and must not be relied on by anyone else. Past performance is not a reliable indicator of future returns. The value of investments and the income from them are not guaranteed and may go down as well as up and investors may not get back the amount originally invested. More information, including fund fact sheets and other relevant product literature, can be found at www.standardlife.co.uk/smooth. Phoenix Life Limited, trading as Standard Life, is registered in England and Wales (1016269) at 1 Wythall Green Way, Wythall, Birmingham, B47 6WG. Phoenix Life Limited is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. Phoenix Life Limited uses the Standard Life brand, name and logo, under licence from Phoenix Group Management Services Limited.
Important information
Terms of Service ‘Money Marketing’ is owned and operated by Metropolis International Group Limited, a company registered in England and Wales (company number 07880758) with its registered office at c/o Metropolis International Group Limited, 10th Floor, Southern House, Wellesley Grove, Croydon CR0 1XG. All references to “We”, “Us” and “MM” below are to Metropolis International Group Limited. These Terms govern your use of the Content (as defined) below and our liability in relation to the Content. 1. Intellectual Property Rights 1.1—We are the owner or licensee of all copyright, trademarks, designs and other intellectual property rights that may subsist in these works (including all information, data and graphics in them) (the “Content”). We shall retain ownership of the Content at all times, and the publication of this Content does not operate to transfer any new or existing intellectual property rights that may subsist in the Content away from MM. 1.2—Parts of the Content may be jointly developed by MM and our commercial sponsor, and such jointly developed Content is ultimately owned by our commercial sponsor. These Terms apply equally to Content owned by our commercial sponsor and Content owned by Us. 1.3—You must not copy, reproduce, modify, create derivative works from, transmit, distribute, publish, summarise, adapt, paraphrase or otherwise publicly display any Content in any manner whatsoever, whether by manual or automated means, without the prior written consent of MM. 1.4—Under no circumstance is MM Content to be used in the course of any trade, business, craft, profession or any other commercial activity. 2. Provision of Content to You 2.1—This Content is provided for general information only. It is not intended to amount to advice on which you should rely. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of this Content. 2.2—Although we make reasonable efforts to update Content, we make no representations, warranties or guarantees, whether express or implied, that this Content is accurate, complete or up to date. 2.3—Any opinions, analysis or ratings provided in MM Content are as understood by MM and our commercial sponsor and their group companies at the date they are published and are not recommendations to purchase, hold or sell any investment or to make any investment decision. This Content does not purport to assess the suitability of any investment for any specific purposes or requirements and should not be relied upon as the basis of any investment decision. 2.4—You acknowledge that persons who do not have professional experience in participating in unregulated collective investment schemes should not rely on material relating to such schemes and past performance of investments is not necessarily a guide to future performance. Prices of investments may fall as well as rise. 3. Exclusion of Warranty 3.1—We are not liable for the Content being up to date, accurate or complete. 3.2—You acknowledge and agree that the Content is provided on an “as is” and “as available” basis, without representation or endorsement of any kind and is obtained at your own risk. 3.3—MM excludes all representations, warranties, conditions or other terms whether express or implied (by statute common law collaterally or otherwise) in relation to the Content to the maximum extent permitted by law, including without limitation any implied warranties as to satisfactory quality and/or fitness for purpose. 4. Our Liability 4.1—We will not be liable in contract, tort (including negligence) or otherwise for any liability, damage, loss, penalties, expenses or costs (including legal and other professional costs) (whether direct, indirect, consequential, special or otherwise) incurred or suffered by you or any third party in connection with this Content or in connection with the use of MM Content, save for any liability for fraudulent misrepresentation or for death or personal injury arising from MM’s negligence. 4.2—If you are a consumer, nothing in these Terms will affect your legal rights under English law. 5. Law and Jurisdiction These Terms are governed by and shall be construed with the laws of England and Wales and the Courts of England and Wales shall have exclusive jurisdiction in respect of any dispute in connection with the Content or with these Terms.
Money Marketing Disclaimer
