Frequently Asked Questions (FAQ)
We can work on a case with an expired Transfer Value, within the last year. Please note, we do not automatically request a new CETV quote, as a fee may be incurred by the client.
This is a wording we incorporate in the Suitability Report, justifying the choice of New Provider and why it is the most appropriate for your client. We ask you to provide this, so that it is consistent with your other recommendations.
Essentially, it needs to summarise why you have chosen that particular Provider over all of the others i.e. customer service, low charges etc. Most providers can supply you with a standard wording.
The standard wording needs to be supplemented with specific reasons why that particular prior provider is the most suitable for the client. This needs to be linked to their circumstances, needs and objectives.
For further information, please see the guide entitled "reason why provider" these can be accessed via the document library on this website.
We will use the wording in the Suitability Report
By this term, we mean any persons authorised by the Financial Conduct Authority, with the additional permissions enabling them to undertake pension transfers.
The text and documentation on our website, as well as the services we offer, are only for those firms.
No, we are not a financial adviser.
No, preferably not
Ideally, we would submit the letter of authority and request the transfer pack simultaneously, thereby giving us the full 3 month window in order to carry out a full analysis of the client's options.
However, if you already have a guaranteed transfer value, please send this to us along with the new case documents. It is important to appreciate, that the transfer pack does not include sufficient information in order to prepare a TVAS and that in this situation it is much more likely that we will miss the guarantee deadline.
No, as long as the Transfer Value represents the actuarial cost of the benefits.
However, if the value has been enhanced, Fixed Protection would be lost!
As you hold permission, it is entirely up to your compliance officer, as we are only providing technical assistance and not advice.
We are not a financial adviser, we provide pension transfer specialist support, incorporating data gathering and TVAS, together with draft suitability reports.
This varies enormously, as does the standard of the information schemes actually provide.
Normally an initial response should be received within 2-3 weeks. We do frequently come across schemes that quote much longer timescales. This will be due to a combination of workload and staffing. It will also be impacted on by the fee agreement between the scheme administrator and the trustees.
It is important to appreciate that a scheme is allowed to take up to 3 months to produce a CETV therefore meaning if they respond one day before the three month period, that is adequate.
We do ask for confirmation of the timescales at outset
Once information has been received via email or post, it is scanned onto the record and then will take up to two days to extract.
You will be provided with a weekly update.
We need to assess the client's circumstances, along with the scheme design and benefits the client has, before we can assess the viability of a transfer.
If a scheme provides more than one period of service and multiple Transfer Values, we would need to prepare individual Transfer Analysis Reports. Therefore, a fee of £1,500 would apply to the first period and subsequent periods would be charged at £1,000
We do not prepare linked cases and therefore, each client would be charged £1,500 for one scheme and any subsequent schemes would cost £1,000 for each party.
If we have had the case from the beginning, before the Transfer Value was obtained and a scheme is taking an exceptionally long time to provide information, we can argue the case. However, if a case is provided to us and there is only one month left of the guarantee date for example, we are unable to argue that the scheme has been unreasonable in relation to their timescales.
If the deadline is within the next month, when requesting
The TVAS does project investment growth at 2%, 5% and 8%, but there is no inflation built in.
This differs from the illustrations you will see from the providers, even though both sets of assumptions are prescribed by the regulator.
This is because the TVAS is attempting to show the cost to provide benefits to match those estimated from the scheme. This assists in evaluating the transfer value.
The illustration has been adjusted to allow for the impact of inflation, so that the retail client can assess the potential benefits from their plan in today's terms.