Its technology allows for three times faster product innovation and provides immediate end-to-end benefits with an operational model that is 40% less expensive to run than current systems.

WealthOS offers SIPP providers a much-needed digital upgrade with intuitive, well-designed user interfaces for operational users and a highly scalable platform to meet fluctuating consumer demand. By automating SIPP management and maintenance, the program lowers expenses and operational hazards associated with manual processes. Providers can choose to use all or some of the WealthOS end-to-end SIPP solution's modules thanks to the cloud-native platform.

The introduction of WealthOS's SIPP solution falls on the tenth anniversary of the Pension Freedoms reforms announcement in the United Kingdom, which provided customers more control and choice over their retirement funds. When many people combined their pension accounts into a single product, Pension Freedoms contributed to the growth of the SIPP sector, which now boasts 1.7 million investors with portfolios worth over £200 billion. However, a survey carried out by My Pension Expert in the fiscal year 2022–2023 revealed that the average time to complete pension transfers into SIPPs was 29 days, with the longest completion times occurring over four months.
 

In fact, the main source of annoyance for SIPP clients is the time it takes to access their funds and make the partial cash withdrawals permitted by Pension Freedoms. The main causes of this are the laborious analog processes and the sluggish processing of account transactions. These delays affect savers' capacity to make investments, which could cause them to pass up chances, and they might discourage some from combining their retirement funds.

"The SIPP industry has been slow to digitalize middle and back office functions to seize the full business potential unlocked by Pension Freedoms," stated Anton Padmasiri, founder and CEO of WealthOS. Too many savers who are rushing to spend their yearly SIPP allowance before the end of the tax year may experience delays as a result of management system flaws at the providers. These frequent problems will be directly addressed with the aid of our technology.

"Our platform is simple to connect, maintain, and integrate, which expedites the time to market for new SIPP products for providers who are eager to introduce new offerings." According to the input we received from our testing, providers are eager to totally digitize their offering, move past their annoyances, and deliver a completely superior service.

Essential SIPP account management responsibilities, such as tax claims and deductions, managing transfers and drawdowns, onboarding, and fee collection, are typically difficult for legacy systems to accomplish. Because of the intricate nature of these financial goods and the disjointed silos of outdated systems and protocols, suppliers frequently execute these tasks by hand or through a complex web of virtual and physical operations. Added to the difficulty of providers trying to stay up are upgrades and requirements related to regulations and compliance.

By ensuring that WealthOS' SIPP solution always operates with the most recent software, fortnightly releases eliminate the need for time-consuming upgrades and potentially expensive maintenance outages. It is intended to provide connectivity to the Pension Dashboard, which is slated for October 2026, so people will be able to access pension information online, securely, and centrally. It also updates in response to any modifications made to the pensions framework in the United Kingdom.

WealthOS's cloud-native platform leverages the power of APIs, or application programming interfaces, to facilitate seamless data flow both internally and externally. It also makes it simple for clients to link with other third-party suppliers. WealthOS gives SIPP providers the tools they need to meet the positive customer experience requirements of the Consumer Duty laws in the United Kingdom, which take into effect in July 2023, by enabling them to provide interactive services to their clients via any digital channel.

Compatibility with all main systems, the Unified Transfer Manager is one of the solution's core characteristics. It guarantees that account holders are kept informed and streamlines the process of tracking transfers into and out of SIPPs. Additional features include full integration with the government's HMRC portal for automating relief at source (RAS) claims, tax code searches, and tax-deducted pension payslips for drawdowns. Additionally, automated client onboarding is available with integrations to know-your-client (KYC) and anti-money laundering (AML) vendors.

As part of its further integration of WealthOS's wealth management platform, Quai Digital, a supplier of B2B wealth management white label outsourcing services, is the first client to incorporate the SIPP solution.

"The SIPP market presents exciting growth opportunities as more consumers consolidate their pension pots and take control of their retirement planning," stated Tony Webb, CEO of Quai Digital. Additionally, there is a noticeable trend toward the use of SIPPs for drawdown. It has been difficult to find reliable technologies that can digitalize our clients' drawdown experience. WealthOS distinguishes itself from other technology providers by offering entirely digital drawdown capabilities, which makes them our first pick. We are eager to include WealthOS's new solution, a strategic technological partner, into our broader platform so that the pension management sector can go digital more quickly and effectively.