PENSIONS PLANNING REVOLUTIONISED WITH NEW TOOL
One of the biggest headaches for planners is the constant tinkering with pension regulations, whether tax changes or planning rules. Now, hours of behind-the-scenes research can be saved with the launch of a new pensions planning tool by Prestwood Software Ltd.
A small group of top pension planners tested it with clients.
“Financial planners have always had to do these calculations. Now, rather than taking clients through an Excel spreadsheet that has taken hours to complete, a press of the button reveals charts that simply explain a very complicated piece of planning,” said Graham Waterworth, Chartered Financial Planner, CFP Chartered MCSI and director of Trusted Planning Ltd.
Graham Ponting, CFP Chartered MCSI of Clearwater Wealth Management LLP, thought it was a game-changer.
“I love it. I bet there are lots of people who don’t realize when you crystalize your benefits, the way you do it and how you do it, can have quite a significant impact on the lifetime allowance (LTA) and having this tool to use in front of clients is really useful.”
The new pension tool is part of a suite of new enhancements from Prestwood who have always kept one step ahead of changing regulation.
Each year, planners have to talk to clients about:
- Crystallisations – any charges this year and how the client is contending with the projected LTA?
- Contributions – can they add more or have they over-contributed?
- Fund Values and Withdrawals – what are their pension pots worth now; what benefits have been withdrawn in the past year.
Prestwood has taken all the difficult areas to calculate and made the overview look engaging and straightforward.
Ritchie Walton, MD of Prestwood said: “More and more planners are just shying away from pension planning because of the complexity and potential liability if something goes wrong. We will be launching more new tools over the coming months that will make them better planners in addition to making their lives easier.”
The new pension tools will be available to all Prestwood customers from today and as always, is accompanied by a video explaining how to use it.
NOTES TO EDITORS
- Prestwood Software offers complete end-to-end solutions for Financial Planners.
- Prestwood Software Ltd is part of The Prestwood Group, founded by Paul Etheridge MBE. 3. Prestwood software is developed by Financial Planners for Financial Planners. The Company exists solely to develop and support top of the range programs for Financial Planners in the UK, and Prestwood® Software is widely recognised as the UK’s leading software in the lifestyle linked sector.
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