LATEST ENHANCEMENTS TO THE PLATFORM

In line with our commitment to continually improve the functionality of the Scottish Widows Platform, we are delighted to share details of the latest enhancements we are making.

Improvements fall into the categories below. You can click on each category to see further details or simply scroll down the page to review all the new functions we are introducing.

LATEST IMPROVEMENT AREAS

FAMILY LINKING

Happy family parents with two children.

By pooling the value of their accounts, members of the same family will be able to benefit from the tiered charging structure and reduce the overall charges they pay. To qualify for Family Linking, the value of the combined accounts must exceed £200,000. It can cover up to 3 generations and the donor/settlor is treated as the family member for family linking, not the trustee. Please note, clients must all be part of the same adviser firm for a family link to be made. Any £75 pension account charge due will still be applied to each pension account.

You can request for family members to be linked for charging purposes via the administration team. For more details see our flyer.

MONEY OUT

Pension commencement lump sums (PCLS) can be taken from a Pension Account. Pension income that is taxable is paid by BACS.

You can take an ad-hoc payment out or regular withdrawals from a GIA/ISA.

ADVISER CHARGES

We are introducing several measures to provide greater flexibility for advisers:

  • Regular Initial Adviser Charge, this can either be a £ or % figure, up to a maximum of 4 years. The fee can be deducted monthly, quarterly, half yearly or yearly.
  • Additionally, payments to adviser firms can now be made:
    • weekly, on any chosen day
    • monthly, on any day from 1st to 28th
  • These can be set on the platform by the agency team
  • and finally, remuneration statements for each payment will be available at firm and network level, and EDI Statements will be available. This can also be set on the platform by the agency team who you can contact at service@scottishwidowsplatform.co.uk.
Happy woman giving a presentation with a laptop.

DFMs

You will have the ability for a DFM to select for contributions to be put into cash if an asset becomes non-tradeable, in addition to allocating across other assets.

We will remove the minimum cash holding restriction for a DFM Model Portfolio.

Adviser Model Portfolios will be available at Network level and Adviser Firm Level (no ETIs permitted), which means you can run your own models if you want to.

We’re adding the EV and MorningStar model portfolios to the Scottish Widows Platform, a list of the new funds available will be available here shortly.

MODEL PORTFOLIOS

The existing bulk switch capability for funds has been extended for use with Model Portfolios, allowing you to move several clients from one fund to another in a single transaction.

On the platform the Bulk switch function will be available by going to the “Transact” menu item in the left-hand navigation option.

BACK-OFFICE SOFTWARE SUPPLIERS

In addition to existing integrations with intelliflo office (Bulk valuations), IRESS (Bulk valuations and Bulk Transaction History currently Adviser Office only) and Sprint, we have developed integration with the Origo Integration Hub for Bulk Valuations, Bulk Transaction History and Account opening services. The Origo integration Hub is a single integration point which lets us connect with adviser software suppliers more easily.

We are working closely with a number of back office software suppliers to partner for these services through the Integration Hub. More details on the progress of integration with these partners will be available in due course.

We are also developing electronic remuneration statement capability. This means that all directly authorised firms or networks will be able to receive electronic remuneration statements into their back-office systems.

THIRD PARTY BONDS

We are integrating the platform with third party bond providers Canada Life International and Utmost to make these available on the Scottish Widows Platform.

TRUSTS

NEW USER INTERFACE

General Investment Accounts will be able to be written in Trust. This includes a Discretionary Trust and a Bare Trust.

We are also introducing a 125 year Discretionary Trust for the Pension Death Benefits.

We have improved the look and feel of our portal screens. This also incorporates new functionality, such as, multi-product, multi-contribution applications and you now have the option of bespoke adviser branding (in-house and for clients) at no additional cost.