We’re pleased to introduce our latest platform enhancement – a new online process allowing for faster ad hoc income payments. This latest enhancement reduces the time it takes to request ad hoc income from flexi-drawdown accounts.

The new functionality is available from today, making it much easier to generate cash and make payments to clients, all while maintaining the same high standards of security.

How does it work?

You can now request a partial ad hoc income payment from a flexi-drawdown pension through Adviser Zone, via the client’s wrapper summary page.

You can request:

1. An amount less than the client’s available cash.
2. An amount greater than the client’s available cash, which will automatically trigger proportionate sales from the client’s available assets.

When and where will the payment be made?

If the money is coming from the existing cash balance, the payment will be made the following working day. If sales are required, these will be placed the next working day, and the payment will be automatically made to the client on the day the final sale settles.

The payment must be made to an existing, verified bank account we hold for your client. We will confirm the bank account details as part of the journey.

To make sure your clients receive their cash in the shortest time possible, check whether they have a verified bank account set up. You can use our ‘bank account verification report’ in Report Zone to check whether your client has a verified bank account.

How can I track the payment?

We have created a new Notification Centre update showing where the payment is:

Status	Meaning
Under Review	The request has been submitted
Sales in progress	The proportionate sales have been placed are awaiting settlement
Awaiting payment	Payment is ready to go in the next Payroll batch
Paid	Money has been sent to the client

If you have any questions, get in touch with your usual sales contact or find out how to contact us here.