Novia Financial has launched a new pension decumulation feature and faster trade cycles to meet adviser demand.
Advisers using Novia Financial can now access a new benefit crystallisation event and pension income functionality as part of a package of platform enhancements.
The drip feed drawdown for pensions will give advisers a wider choice of pension options to select for their clients, including the option to do regular benefit crystallization events on a chosen day of the month.
This means clients will be able to take up to 25% of their cash tax-free and designate the remainder to drawdown, choosing whether to take the full or partial amount immediately as taxable income or leave it in their drawdown account. Novia Financial said advisers no longer need to manage the pension withdrawal process on an ad-hoc basis and can give one instruction for regular crystallisations.
In addition, the platform has also introduced faster trade cycles, reducing the time out of the market for client’s investments.
Rather than all sales being fully settled before purchases are placed, as soon as the contract note is issued for the final sell, the switch or new asset purchase will be placed. Novia said the quicker the cycle completes, the sooner the client’s investment is back in the market.
Barry Neilson, chief commercial officer of Novia Financial, said: “Advisers told us these two enhancements were important to them and their clients, because they help create greater efficiency and flexibility. We listened and we acted. These are just the first enhancements in a series of planned developments responding to adviser demand.
“We’re continually investing and evolving our technology structure to deliver the very best platform experience and our adoption of microservices will allow us to continue to introduce new, innovative features in the future.”
