Aviva Australia today announced new online technology that will enable advisers to set up pension accounts within 10 minutes and payments for their clients in as little as three days.
This new functionality will revolutionise the set up process for typical transition to retirement strategies, making it simpler and easier than ever before.
In the past, customers of some platforms have waited up to 60 days to start receiving their payments due to difficult set up procedures and manual processing delays.
Advisers using the new transfer technology will pass on the benefits to their clients. Especially those who need fast access to their pension payments and are not prepared to wait for months.
Simon Dowd, general manager - financial planning from R Financial Educators has already embraced the technology.
"Aviva's online superannuation to pension transfer facility will save countless hours of administration within our organisation. The online transfer of assets from superannuation to pension is a complement to Aviva's existing suite of straight-through processing."
Aviva was the first platform to offer Transition to Retirement (TTR) in 2005 and today has taken the process to a new level by adding fast online transfers. Advisers can utilise straight through processing to set up pension accounts and submit a full or partial transfer from the superannuation to a pension account in 10 minutes.
Aviva's n-link technology is online adviser software that links an adviser's office to Aviva's products and administrative system.