We hope you’ve been enjoying the various Pension Planning enhancements we’ve unveiled over the past few months.
From Lifetime Allowance planning to optimising contributions to make use of Annual Allowance and carry-forward, we’ve been beavering away to make life in general, and pension planning in particular, easier for our customers. And we’ve got plenty more in the pipeline…
New DB Pension item
Later this month we’ll be unveiling a new, improved DB Pension item. We believe we’ve managed to simplify our DB Pension item, while making it more powerful at the same time, to make it easier for you and your client during planning meetings. You can quickly enter known benefits, or use the new calculator to help you work them out. We’ll automatically create early retirement factors based on reduced accruals, and allow you to amend them with known scheme details. We’ve linked retirement to a key date, so you can see the impact of retiring early on the cashflow charts, with the capability to drill down behind the scenes.
What does this mean for you? It means you’ll be able to input a DB Pension with ease, while retaining the powerful calculations (such as Deemed Contributions and accrual rates) behind the scenes.
TVC & APTA
In September, in line with FCA requirements, we will be launching the TVC (Transfer Value Comparitor), as well as a dedicated APTA (appropriate pension transfer analysis) tool, making DB transfer analysis easier than ever.
We’ll tell you more nearer the time but this really will be an innovative tool which allows you to go beyond the FCA requirements. As we all know, it is overlaying different options that really enables clients to visualise their choices, and make informed financial decisions.
These changes will be available in time for the October deadline.
