View more on these topics

Dunstan Thomas to offer new pension withdrawal option from January

Retirement software firm Dunstan Thomas has created a new system that allows pension providers to offer savers uncrystallised funds pension lump sum withdrawals.

The new option, revealed by HMRC in August, will allow scheme members to take a portion of their pot as a lump sum, with 25 per cent tax-free and the rest subject to income tax.

These withdrawals will not force the member to allocate the rest of their fund to a drawdown vehicle or an annuity within six months of taking their tax-free lump sum.

Dunstan Thomas will add the UFPLS capability to its Imago Back Office pensions administration function. The capability will be added as a separate module, meaning users can choose to pay just for the new withdrawal option.

The firm says UFPLS will be available to new and existing Imago licensees for initial testing from January 2015, although the new withdrawal option will not be available to savers until April.

Dunstan Thomas managing director Natanje Holt says: “We wanted to offer a cost effective and seamlessly integrate-able solution to a wider cross-section of providers, including those not offering drawdown policies today and not planning to do so in the near future. 

“Some providers just want to offer policyholders more flexible access to retirement funds once they have reached the age of 55.”


Otto Thoreson 700.jpg

ABI unleashed: Trade body slams lower pensions charge cap as L&G exits

The Association of British Insurers has lashed out at the prospect of reducing the 0.75 per cent pensions charge cap on auto-enrolment schemes as the chief advocate of a lower cap, Legal & General, leaves the trade body. In its written evidence to the Work and Pensions select committee, published this week, the ABI says […]


PTFS to launch quality-based fee structure

Personal Touch Financial Services is introducing a new fee structure based on quality of business next year. From 1 February, firms will be charged a new network fee, initially based on their quality of business as of 31 December this year. PTFS says member support fees will drop 17 per cent, with two-thirds of firms […]


Labour wants £1bn FCA forex fines to go to NHS

Shadow Chancellor Ed Balls is calling on the Treasury to invest £1bn worth of FCA fines relating to foreign exchange manipulation into the National Health Service. Since last year FCA fines have gone to the Treasury, less the regulator’s enforcement costs. The Government has previously given some of the Libor fines to military charities. Earlier […]


News and expert analysis straight to your inbox

Sign up


    Leave a comment


    Why register with Money Marketing ?

    Providing trusted insight for professional advisers.  Since 1985 Money Marketing has helped promote and analyse the financial adviser community in the UK and continues to be the trusted industry brand for independent insight and advice.

    News & analysis delivered directly to your inbox
    Register today to receive our range of news alerts including daily and weekly briefings

    Money Marketing Events
    Be the first to hear about our industry leading conferences, awards, roundtables and more.

    Research and insight
    Take part in and see the results of Money Marketing's flagship investigations into industry trends.

    Have your say
    Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

    Register now

    Having problems?

    Contact us on +44 (0)20 7292 3712

    Lines are open Monday to Friday 9:00am -5.00pm