Platform updates

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Here you’ll find all the latest updates to our Zurich Intermediary Platform. These recent changes are aimed at supporting you through the most recent regulatory change as well as using your feedback to improve our platform experience for you and your clients.


Supporting you through regulatory change

In 2016 the FCA introduced new rules affecting the advice process for pensions, including that advisers must show clients what effect a change to their retirement benefits would have before it is made.

We already have functionality to allow you to run an ad-hoc illustration to show benefits before any changes.

The changes were outlined in PS16/12, which followed a consultation on the pension freedoms introduced in 2015.

Illustrations available pre-submission

To help you meet these requirements we have made illustrations for drawdown accounts available prior to you submitting changes through the existing pension payment out options – income review, change payment and one-off payment.

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Within each function, you will be given the option to produce an illustration prior to submitting the changes being made. An example from the One-off payment function is shown below.

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Introducing our multiple income changes illustration (coming soon)

We are also working on a new illustration function that will be available soon. It will allow you to illustrate multiple income changes. For your clients who already have a Retirement Account in drawdown, you will be able to illustrate changes to regular income and ad-hoc income payments in the same illustration. This will allow you to show your client the impact of these changes and give them the clearest view of their options. This illustration will also be available to illustrate UFPLS on accumulation Retirement Accounts. Any changes you then wish to proceed with, you can make in the normal way.

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Adding flexi-access drawdown and UFPLS capability

You asked, we listened. We have made a number of changes in the drawdown illustration function, now renamed as ‘Crystallisation event Illustration’.

  • You can now Illustrate UFPLS through this function, allowing you to provide UFPLS illustrations without selling the investments to cash first.
  • We have removed the age restriction of 55 too, allowing you to illustrate drawdown and UFPLS in advance of your client’s 55th birthday.

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Illustration calculations

You may also notice a slight variation in illustration figures post PS16/12 implementation. This may affect those with particularly large holdings in cash or assets with high growth rates.

PS16/12 has introduced some regulations that mean:

  • The charge on cash interest rates has to be included in the illustration
  • Changes to the way we have to cap fund growth rates assumed in illustrations as specified by FCA maximum rates.

A reduction in the Money Purchase Annual Allowance (MPAA)

Please remember that the MPAA will reduce from 06/04/2017. The new limit is now £4,000 and our platform has updated to reflect this. You will now receive an alert when your clients’ payments reach £3,000.

Improving the customer journey

We've taken on board your feedback and done something about it. The changes we have made are all aimed at providing you with a smoother, more efficient service.

Adding cash option when editing regular DD

Building on the recent delivery of our ‘edit regular payments in’ function, you can now add cash to the asset strategy when you go to edit a client’s regular payment. This means you don’t have to stop and start the regular again if you wish to add cash as part of your asset strategy.

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Nomination of Beneficiary form

To prevent you filling in unnecessary paperwork and to make it clearer when you need to send this in, we have changed the point at which we present you with the Nomination of Beneficiary form. The messaging has also changed to be more informative, so you know exactly where and when in the process the form is required.

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Improving usability in disclose and authorise journey

We have improved the usability of our ‘disclose and authorise’ journey for bulk switches, rebalances and upgrades based on feedback we have received. Now you can see how many accounts you have selected to process to ensure all are authorised appropriately.

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Fixing reported issues

We also made a number of fixes based on feedback provided, and those who have reported it are in the process of being contacted.

We’d love to hear more from you. Please do get in touch with your Business Account Manager if there is anything you feel could be improved about our service. We ensure all your comments are captured and used when prioritising developments.

If you have any further questions about any of these updates and how they will impact you, please speak to your Business Account Manager on 0808 554 6546.

Contact us

Contact your Zurich Business Account Manager or call us on
08085 546 546