Wealth and investment manager Quilter has introduced some changes to its platform, including a new pension top-up service which will let clients make lump sum top-ups into an existing collective retirement account.

The platform also now uses the Faster Payments System for single ad hoc withdrawals and crystallisation payments.

The company said the latter will increase the speed of payments of up to £1m out to clients, to improve the customer experience.

The new pension top-up service will be initiated by clients’ financial adviser, either online or through the Quilter app.

Additionally, clients who are subject to the money purchase annual allowance will be notified of any prior payments into the account within the pension input period to support tax efficient planning.

Another update will allow advisers and clients to view and update their ‘expression of wish’ online and through the app, streamlining the process by removing the requirement for advisers to submit a separate form and allowing all changes to be made online.

The company said the change will help address the concern that pension savers often neglect to nominate beneficiaries or fail to update their expression of wish as and when their preferences change.

The oversight can cause unnecessary distress for family members during an already difficult time, Quilter said. By moving the process online and integrating it into the mobile app, clients will be able to review and amend their nominations at their convenience to help ensure that any benefits paid receive the appropriate tax-free entitlement and are made in line with their latest wishes.

Jenny Davidson, commercial proposition director at Quilter, said: “We regularly engage with advisers and their clients to ensure our regular platform upgrades align with their needs and wants, including via our adviser and customer panels. This direct feedback continues to support our ongoing roadmap of platform improvements.”

Last year the company said it improved the user experience of the platform with launches including the CashHub savings service, the AppHub, and the new co-branding ability which, it said, has been adopted by almost 300 firms since being launched.

Quilter oversees £106.7bn in customer investments (as at 31 December 2023). It has several arms offering financial advice, investment platforms, multi-asset investment solutions and discretionary fund management.

The two main brands are Quilter and Quilter Cheviot. Quilter includes the Financial Planning business Quilter Financial Planning. Quilter Cheviot includes the discretionary fund management business and Quilter Cheviot Financial Planning.

Earlier this it reported a 25% increase in adjusted profit in 2023 to £167m as Assets Under Management or Administration rose by £7.2bn to £103.4bn.