RDR, pensions freedom and the online revolution have put pressure on providers to improve ageing IT systems running legacy books. But do they have the appetite for change asks Adrian Boulding
During February, we ran an online survey asking providers how they are planning to update their legacy books to make them better attuned to customer needs post-pension freedom. From a quick review of providers' responses, there is no doubt that they recognise the need to make IT system changes to accommodate new functionality required by new pension freedom options. For example, enabling flexi-access drawdown (FAD) and uncrystallised fund pension lump sum (UFPLS) withdrawals from systems running policies which were designed for annuitisation at-retirement, emerge as specific concerns ...
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