18 March 2024
As part of its ongoing roadmap of improvements and its commitment to improving adviser and client experience, Quilter has today announced the latest enhancements to its platform.
The first of these improvements is the introduction of a new pension top up service which will enable clients to conveniently 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. This will increase the speed of payments of up to £1 million out to clients, further improving the customer experience.
Quilter has also 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.
This change helps to address the critical concern that pension savers often neglect to nominate beneficiaries or fail to update their Expression of Wish as and when their preferences change. This oversight can cause unnecessary distress for family members during an already difficult time. By moving this process online and integrating it into the mobile app, clients will be able to effortlessly review and amend their nominations at their convenience. This helps to ensure that any benefits paid receive the appropriate tax-free entitlement and are made in line with their latest wishes.
Jenny Davidson, commercial proposition director at Quilter, says:
“Following a series of successful platform upgrades throughout 2023, we are pleased to announce our next instalment of platform enhancements including the addition of the new pension top up service, Faster Payments and streamlined Expression of Wish process.
“We regularly engage with advisers and their clients to ensure our regular platform upgrades align with their needs and wants, including via our adviser and customer panels. This direct feedback continues to support our ongoing roadmap of platform improvements.
“Last year we made good progress in terms of improving the user experience of our platform, with launches including our CashHub savings service, the AppHub, and the new co-branding ability which has been adopted by almost 300 firms since launch. We remain committed to continuously improving our platform and we look forward to sharing additional advancements as we move further into the year.”
