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GBST launches investment pathways functionality

GBST is adding new investment pathways functionality to its Composer platform to support client preparations for the introduction of the pathways legislation in August 2020.

The new functionality, which will launch with an updated version of Composer by the end of March, enriches GBST’s leading capabilities in the pension accumulation space and has been developed with detailed input from clients. It offers a range of functions, including:

  • ability for investors to hold investments in more than one pathway
  • automatic cash warning calculation including batch provision for annual statement production
  • automatic switching into chosen pathway following crystallisation
  • ability to add or switch pathways via back office as investor needs change
  • option to transfer in from other drawdown providers
  • support for both notional and asset split drawdown models
  • facility to bulk switch customers if provider changes a pathway investment

In addition to the enhancements to the core Composer platform, GBST is also updating existing application program interfaces (APIs) to support investment and investor data retrieval and revision and the ability to include investment pathway specific information when submitting trades. Automated post crystallisation switches will also be supported within Illustrate, GBST’s illustration engine.

David Simpson, Head of EMEA at GBST, comments:

“The introduction of new pathways functionality demonstrates GBST’s commitment to continually updating Composer in line with new legislation and regulatory change as part of our client’s ongoing licence fees. Working in partnership with our clients, we were able to quickly identify suitable options following the announcement of the regulations, agree a consensus on the preferred design and deliver the functionality well before the new rules take effect to give providers time to prepare their own propositions.

“The launch of the new pathways functionality will coincide with the first phase of a wider upgrade of the Composer architecture and user experience and forms part of GBST’s ongoing investment in its technology to support client needs now and in the future, particularly in the at-retirement space.”

Rob DeDominicis, Chief Executive Officer of GBST, adds:

“Our new investment pathways functionality links seamlessly with our existing leading-edge retirement options and capabilities, including hybrid retirement accounts and annuities. Demand for enhanced pension functionality continues to grow, not only in the UK market, but also in Australia and the wider Asia-Pacific region where changing regulation and aging populations support increasing demand for greater certainty over retirement income. We will work with clients to further develop our pension and investment propositions and meet the evolving needs of their customers.”