News and articles

Improvements to Pension income dates

Automating pension payments in the post Pension Freedom world

In March 2018, Parmenion partnered with Altus Payment Gateway to provide a pensions payment payroll built specifically with pensioners in mind. We particularly wanted to help people enjoy flexible access to their pensions and make sure they are taxed in an appropriate way.

See case study

Since then, we’ve halved the time it takes to withdraw a pension lump sum from 6 weeks to 3. The feedback we received was unanimously positive.

But our collaboration didn’t stop there

Earlier this year, we undertook customer research and found that clients preferred their pension withdrawal dates to be aligned to other products they held with us. We listened to these preferences and set out with Altus to improve our service further.

What’s changed?

Following some system enhancements we can now pay lump sum withdrawals more quickly than ever. Clients can expect to receive their Pension Withdrawal, net of income tax within 12 working days, the same time frame as for all our other products.

We have also aligned our regular withdrawals and SIPP regular income. These will now be paid on the 1st working day of each month, along with ISA and GIA regular income. This should help clients budget more efficiently, as all their investment income is paid into their account on the same day.

Find out more

Download our Pension Income Dates document to see the new paperwork deadlines and payment dates for each withdrawal option.



Contact

Parmenion

Get in touch with us today


We would welcome the opportunity to talk about your business and the value of our services and solutions.

A great way to see how Parmenion and its award winning investment framework can work for you is to have a Parmenion representative walk you through the proposition.

Fill out the form below, and we'll be in touch in the way that's suits you best.

Need to discuss existing client information securely? Go to our contact page.

To understand how Parmenion process your personal data, please view our
Privacy Policy.