Our improved Retirement Account online service
We've been listening to feedback and have been working to improve the usability and efficiency of our online journey. As we want you to have more time to focus on what matters - your clients and their needs.
Single and regular taxable income payments
If there’s an existing regular income set up from the decumulation account, you can now set up a single income payment as well. Without having to rely on Prudential staff to do this.
In the ‘take money out’ section for any Pension Income accounts, there are now two sections. One called taxable income regular, and one called taxable income single.
If your client already has a regular taxable income payment set up, the taxable income regular section will show details of this. If they don't, this section can be used to set up a new one, or add a single taxable income. If adding a single taxable income payment when a regular is not already set up, then you won’t be able to set up a new regular income at the same time. You can only progress one transaction (either a single, or a regular payment) at a time. When a single taxable income payment is added, Prudential only require bank account details and the requested amount. No payment date is required as we’ll pay this income as soon as possible.
Save and retrieve illustrations
The ability to save and retrieve illustrations already exists for new business cases, and is now available for standalone money out transactions too. You’ll be able to create an illustration, and then convert it to a money out request at a later date once you’ve run through this with your client.
Field validation errors
We’re improving the way we display error messages on individual fields in the create and edit client record section, and editing a client record as part of an application. Over the coming months, this improvement will also be implemented across the rest of the process. Instead of the confirm button on each section being un-clickable until all fields have been entered correctly, they’ll now be clickable, but if you’ve not met any of our validation rules you’ll be taken to the top of the page where it outlines what’s required, and the field itself also has the error on it.
New Business Tracking
The New Business Tracking area within Retirement Account has been updated to add a new panel for account setup information. This will flag if there are any outstanding requirements and if advisers need to submit any further information. We’ve also updated this area so it visually looks like the rest of the process. Further developments are being worked on and we’ll have more beneficial improvements to this soon.
Developments for your clients
We’re launching a new Online Service for Retirement Account clients. The Online Service offers a more modern and digitally-engaging experience to help clients keep track of their investments.
Now your Retirement Account clients will be able to:
- Get up-to-date valuations of their pension pot at any time.
- Know how much tax-free cash they’ve got available and understand their options.
- Store key documents securely online
- Ask to take money out of their plan.*
*Not all clients will be able to take money out of their plan. To progress with this type of request they’ll need to answer a series of questions. If answers to these questions don’t meet the required criteria, they won’t be able to proceed. Clients that do proceed are made aware of the complexity of taking money out of their investment and the potential pitfalls, as well as the value of seeking advice from their adviser.
These online enhancements are not designed to discourage your clients away from getting in touch for advice. The importance of speaking to their adviser before making any decisions about their investment is highlighted across the site. These advice ‘warnings’ are even more prominent in the money out section as highlighted above.
Watch the video below to see the new Online Service for your clients, and just how often we recommend seeking advice throughout.
How to series
Customer online services for Retirement Account
We’ll show you an overview of your clients Online Services for Retirement Account, and the importance of seeking advice being highlighted throughout.View