OCCUPATIONAL PENSION TRANSFER REPORTING
If you are unable or unqualified to give advice regarding Occupational Pension Transfers, why not refer the case to Financial who can provide an Occupational Pension Transfer Report direct to the client.
This report would detail the client’s circumstances and the suitability of transferring away from their existing Occupational Pension Scheme.
If, on the basis of this report, the client decides to take the informed decision to transfer, you can recommend a provider, and you treat this similar to advice on a single lump sum contribution.
You chose the provider and any investment funds, you deliver to customer and you handle the transfer. Any commission paid from the new scheme would be payable to the IFA.
This splits the advice on the suitability of a transfer (Financial), and the advice on how to transact a transfer (IFA Firm).
Our fees start from £400 for the report for a transfer value of up to £100K. Above this figure they increase in line with the transfer value (approximately £100 per £100K).
| Amount of Transfer | Fees |
|---|---|
| £100K | £400 |
| £200K | £500 |
| £300K | £600 |
| £400K | £700 |
| £500K | £800 |
| £600K | £900 |
| £700K | £1,000 |
| £800K | £1,100 |
| Over £800K | By Negotiation |
We are flexible in cases where there is more than 1 client from a scheme, or a client has more than one scheme they wish a report on.
Financial will supply you with Pension Transfer Analysis Questionnaire and forms of authority which the client needs to complete and return to us.
We would then either contact the scheme provider(s) ourselves to request the required information, or use information you have already obtained if appropriate.
Our standard turnaround time for producing a report is 5 working days after receipt of all required information.
Where time is critical (e.g. when transfer guarantee period is about to expire) we can produce a report in a shorter time frame, but this will carry extra cost.
Please contact either Tim Wilson or Ben Street for more information or to request the Pension Transfer Analysis Questionnaire.
| Summary of Advice | Summary of Liability |
|---|---|
| Financial advise client on suitability of transfer | Financial accept liability for advice regarding suitability of transfer |
| If the client chooses to proceed then you, the IFA, advise the customer on provider choice | You are liable for new provider/fund selection |
| You, the IFA, arrange the transaction | You are liable for completing and processing the application in line with the client's wishes |
| You collect the commission from the provider, or charge the client a fee for advice on provider/funds | You are liable for repayment if there is an error |
| Financial invoice the IFA firm for our report | You are liable for our fee. Whether you or the client pay this fee is up to you to arrange. |
