GBST Holdings Limited (ASX: GBT, GBST), today announces enhancements to its Composer® platform to help its clients launch new annuity solutions and retirement income products. GBST will tailor its award-winning Composer® solution for Retirement Advantage in the United Kingdom (UK) to deliver a new and revolutionary retirement planning product to market quickly and cost effectively. The Retirement Account will launch in the UK within the next quarter.
GBST will roll out a client engagement program in Australia to extend existing Composer® platform capabilities and assist its broad client base to prepare for the offering of annuity solutions and retirement income products.
Robert DeDominicis, Chief Executive Officer, GBST Wealth Management said: “The Australian wealth management sector today is certainly beginning to experience demand for access to retirement income products and annuity solutions. This will continue over the next 20 years as both industry and policy makers are faced with the challenge of a rapidly increasing retiring population.
“Additionally trends and needs for retirement products will inevitably change over the coming years as policy makers address the growing inequity between retirement savings and income,” he said.
The Composer® platform is highly flexible and its capability to support and administer different products side-by-side will enable a product roadmap for Retirement Advantage. It will continue to develop its retirement product range to meet evolving customer needs and build competitive advantage within the changing regulatory environment. It is this experience that GBST believes will create a differentiated competitive advantage for its Composer platform within Australia.
Craig Fazzini-Jones, chief operating officer, Retirement Advantage, said; “There has been significant change in the UK market over the past year and we are committed to meeting the new demands placed on retirement providers through a broad and competitive range of products.
“The Retirement Account is our response to the new opportunities created by these changes. We are developing something which is genuinely different, offering the security, flexibility, and access clients are looking for from one product. We will continue to support financial advisers by offering their clients a compelling proposition which meets their on-going needs through retirement.”
The highly configurable and fully integrated GBST Composer® solution today supports three of the UK’s top six UK retirement savings platforms and has received multiple UK industry awards, including in conjunction with its customers.