Retirement Systems

Retirement Systems Blog

PS19/1 and how it affects you

09 October 2019

PS19/1 comes into effect on 1^st November 2019. Although the new rules cover a number of areas, the two key aspects that affect AMS Retirement are:

• Comparison prompts for income driven quotes
• Mandatory health and lifestyle information for all annuity quotes

The first of these will have very little impact on the way AMS Retirement works, however, the second point will almost certainly change the way you work.

On 22^nd October 2019 we will be releasing a new version of AMS Retirement that will make sure you stay PS19/1 compliant. The changes that we are making are:

Alcohol will become a mandatory field

Previously, an enhanced quote required height, weight and smoker details to be entered for the client (and their dependant for joint life cases). From 22^nd October 2019, alcohol consumption will also be required.

Get quote – not an option

AMS Retirement has always flagged where mandatory information is missing, but from 22^nd October 2019, you will no longer be able to get a quote when a flag appears; the ‘Get quote>’ button will be disabled.

The only way you will be able to proceed will be to complete the missing medical information or indicate that the client has refused to answer health questions.

Any questions?

If you have any questions about these changes or want to discuss anything to do with AMS Retirement, please get in touch with us here.