News in brief - 22 March 2024

Quilter has updated its online platform to include a new pension top-up service.

This will allow clients to make lump sum top ups into an existing collective retirement account, either online or via the Quilter app. The service is initiated by their financial adviser. Additionally, clients who are subject to the money purchase annual allowance will be notified of any prior payments into the account within the pension input period to support tax efficient planning. The Quilter platform will also now use the faster payments system for single ad hoc withdrawals and crystallisation payments, which is expected to speed up payment times. Alongside this, Quilter introduced a significant update that will allow advisers and clients to view and update their expression of wish online and via the app, streamlining the process by removing the requirement for advisers to submit a separate form and enabling all changes to be made online.

A total of 16 providers have now signed up to use Origo's Unipass Letter of Authority.

Origo highlighted the momentum amongst providers to switch to a digital letter of authority process as demonstration that moving to a digital letter of authority can benefit their business, as well as advisers and their clients. According to Origo, providers switching to digital letter of authority processing can realise "substantial" cost savings on the time and resource it takes to handle this administrative task, making them easier to do business with, and also positively impacting their net-zero targets.

The Pensions Archive Trust has launched a refreshed website.

The website make-over aimed to make the site more intuitive, and includes refreshed content, including comprehensive information about the trust's mission, projects, events, and more. It is also now accessible to all users on all devices, allowing individuals a “window” into pensions history.



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