Technology provider Dunstan Thomas will be providing systems to Friends Provident to give its new generation policyholders access to a range of income drawdown options as an alternative to standard annuity settlements at maturity.
The work will also include building Dunstan Thomas’ own systems into Friends Provident’s existing new generation pensions administration platform enabling it to offer more flexible functionality in its pensions products.
Dunstan Thomas chairman Christopher Read says: “Friends Provident rightly recognised that it was not necessary to implement a totally new administration platform to cope with increasing demand from customers for more flexible pensions.
“With new platform roll outs, much of the cost and time is taken up in data migration, which can take over a year and costs millions of pounds.
“We are able to deliver systems with the same functionality for a tenth of the cost and in a quarter of the time through use of some of the latest technology for building software and integration.”
Friends Prov head of pensions marketing Jeremy Ward says: “A-Day has created an expectation of greater flexibility amongst policyholders which we wanted to respond to quickly. We are delighted to be working with Dunstan Thomas in the development of a new Drawdown proposition which will link into our award winning new generation administration platform.”