Automating pension payments in the post Pension Freedom world
In March 2018, Parmenion partnered with Altus Payment Gateway to provide a pensions payment payroll built specifically with pensioners in mind. We particularly wanted to help people enjoy flexible access to their pensions and make sure they are taxed in an appropriate way.
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Since then, we’ve halved the time it takes to withdraw a pension lump sum from 6 weeks to 3. The feedback we received was unanimously positive.
But our collaboration didn’t stop there
Earlier this year, we undertook customer research and found that clients preferred their pension withdrawal dates to be aligned to other products they held with us. We listened to these preferences and set out with Altus to improve our service further.
What’s changed?
Following some system enhancements we can now pay lump sum withdrawals more quickly than ever. Clients can expect to receive their Pension Withdrawal, net of income tax within 12 working days, the same time frame as for all our other products.
We have also aligned our regular withdrawals and SIPP regular income. These will now be paid on the 1st working day of each month, along with ISA and GIA regular income. This should help clients budget more efficiently, as all their investment income is paid into their account on the same day.
Find out more
Download our Pension Income Dates document to see the new paperwork deadlines and payment dates for each withdrawal option.
This article is for financial professionals only. Any information contained within is of a general nature and should not be construed as a form of personal recommendation or financial advice. Nor is the information to be considered an offer or solicitation to deal in any financial instrument or to engage in any investment service or activity. Parmenion accepts no duty of care or liability for loss arising from any person acting, or refraining from acting, as a result of any information contained within this article. All investment carries risk. The value of investments, and the income from them, can go down as well as up and investors may get back less than they put in. Past performance is not a reliable indicator of future returns.