
GBST enhances Pension Drawdown functionality
This feature is upgradeable
For End Users
You can activate this feature and other links for ALL VENDORS with a VendorMatch Premium subscription. Additionally you can gain access to an increased depth of data, summary reports, RFX reports (detailed completed RFIs - available to financial institutions only) and comparison grids. Please click here for more information on Premium features.
For Vendors
Vendors can activate their links and gain access to analytics by upgrading to VendorMatch PRO. Please click here for more information
Speak with an analyst
Financial institutions and their advisors can subscribe to our Analyst Access* service. Effectively phone or (email) a friend you can have on tap advice and support provided by our analysts on this vendor, solution or solution category.
HOW TO SUBSCRIBE
To protect vendor data only financial institutions and recognized advisors can subscribe to VendorMatch Premium. Please click here for more information on Premium features
or contact us to discuss a subscription.
Subject to reasonable use.
Survey Summary
The Survey Summary provides a download of the vendor profile, solution profile and the VendorMatch Discovery survey vendor responses used to power the directory. All responses are provided by the vendor online.
Note that this report is a high level summary of the vendor's credentials and a solution's capabilities designed to assist with solution short-listing. The RFX report is the more comprehensive Request For Information report designed to support evaluation and selection, this will only show where the vendor has completed the "RFX" RFI.
HOW TO SUBSCRIBE
To protect vendor data only financial institutions and recognized advisors can subscribe to VendorMatch Premium. Please click here for more information on Premium features or contact us to discuss a subscription.
RFX Report
The RFX report is an XLS download of the Vendors response to the “RFX” Request for Information for this solution.
The RFX is a centralized golden copy of a RFI authored by our analysts based on their expertise in running real-life system evaluation and selection projects and completed by the vendor online.
Note to protect vendor that only Financial Institutions and recognized Advisor can subscribe to this feature.
In each instance the first time the link is used the user requests permission to access the RFX report and it is the vendor who is required to authorizes access. You will be alerted when the vendor has reviewed your request and granted permission.
HOW TO SUBSCRIBE
You can activate this feature with a VendorMatch Premium subscription. Please click here for more information on Premium features or contact us to discuss a subscription.
To learn more about subscribing to our service options, please contact us here
GBST, provider of wealth administration software through its GBST Composer platform, has upgraded its pension drawdown offering, enabling clients to provide additional options to their customers at retirement.
Following demand from across their wealth management client base and wider market, GBST has enhanced its award-winning Composer platform with a drip feed drawdown capability and additional income flexibility options. The new functionality extends the existing proposition which combines the certainty of an annuity and the flexibility of drawdown in one simple tax-advantaged wrapper.
David Simpson, Head of EMEA at GBST, commented:
“Through the Composer platform, our clients can already support and administer different types of pension and savings products side-by-side. The new functionality gives advisers and end investors additional control over income payments, while continuing to enjoy the flexibility to blend pension investments, drawdown and guaranteed income and change the combination as required to meet an individual’s evolving lifestyle and financial planning needs.”
“This development further underlines our commitment ensuring both advisers and clients alike can benefit from the widest possible range of post pension freedom retirement solutions. We will continue to invest and work with our clients to innovate in this space.”
The drip feed drawdown capability will allow customers to set up regular payments from their pension savings at a frequency of choice.
Payment can be split between tax-free cash (the Pension Commencement Lump Sum or PCLS) and immediate income. For example, with a regular instruction to drawdown £4,000 each month, the investor can select to receive up to £1,000 tax free cash and an immediate income of up to £3,000. Any amount not withdrawn as tax free cash or income will be moved into the drawdown for investment.
Alternatively, the client can reduce the sum crystallised but still achieve the same income payment, for instance, they could elect to crystallise as little as £1,000 and draw £250 as PCLS with the remainder of £750 as income. This can provide an opportunity for future growth of the uncrystallised fund and hence potential for greater PCLS in future. In addition, with careful planning, this option can help ensure taxable income is kept within the basic rate tax band.
The instruction can be set up as part of the original application for the Retirement Account or at a later date. It includes the automation of the sale of assets prior to each regular drawdown to provide sufficient funds to pay the selected tax-free cash and income.
Additional income flexibility will enable investors to make one-off income requests online from an existing pension in drawdown.
Customers can select an immediate ad hoc income payment at the commencement of each drawdown (in addition to selecting a regular drawdown income) prior to the funds being invested.
Alternatively, customers can make one-off income requests online from an existing pension in drawdown. Where sufficient cash is not held to fulfil the payment, the investor can also provide an instruction for assets to be sold. The income payment will automatically be made once the sale proceeds have been received.
This new functionality continues to build on the extensive at retirement functionality within Composer and is available to all GBST clients in the latest release.