Pension Transfer Services
We are fully qualified as specialist pension consultants and hold the regulatory permissions to advise on pension transfers. We provide specialist pension consultancy service to non-specialist and offshore financial advisers.
We assume full responsibility for the advice. To assure compliance with all regulatory requirements, we will liaise with your clients to understand all details of their current pension schemes and transfer needs, provide them with recommendations and execute the transfer.
We will also keep you informed of the progress and any other developments at all times. If there are other financial planning needs arising during out work with your clients, we will always refer these back to you.
The FCA require specific documentation to be provided for all transfers out of Defined Benefit Pension scheme’s where the transfer value exceeds £30,000.00. In essence the requirement is for a UK authorised advisor to provide the client with a letter of advice and to notify the trustees of the ceding scheme that this requirement has been fulfilled.
G6T Solutions offers this service in conjunction with Peter Stewart Associates, a firm of chartered financial advisors in the UK. The cost of this service is £575.00 per case.
It is estimated that most cases can be turned around in 4 business days. G6T Solutions will keep all advisers fully updated as to the progress of their cases.
Whilst not as yet required by The FCA there is demand from clients for a full report on the advantages/disadvantages of transferring existing UK DC schemes into QROPS. At present we are able to provide a comparative report to our clients at a cost of £165.00, although should the need for advice to be checked by a UK registered IFA in the future then this cost will have to be revisited.
The report will cover up to 3 DC schemes provided that they all have common retirement dates etc, any additional schemes will incur a further charge of £165.00 per scheme. These cases normally have a 2 working day turnaround.
To sit alongside and compliment the previous 2 services we can also provide compliant suitability reports for Europe and South Africa. In Europe these reports will be issued by Felicitas Managements Sevices under its MiFID license, and in South Africa by G6T Solutions under its FSB license. For those jurisdictions where there are no formal requirements we will issue the report under the FSB License.
The cost of this service is £300.00, both MiFID and FSB reports up to 3 DC schemes should have a 2 working day turnaround.
MiFID compliant report under 50k is £300.00
MiFID compliant above 50k £400.00
It is becoming increasingly difficult and time consuming for International advisors to obtain details of benefits held within the UK. We are able to obtain this information for you. Having obtained on your behalf all of the necessary information we will analyse it as above and produce a complete package so that all you need do is arrange for your client to sign the forms.
The package will include the following documents:
- QROPS Suitability report
- DC/DB reports as required
- Investment recommendation based upon clients attitude to risk
- PI insurance will be implicit for South African and MiFID cases.
The cost of this service will be £1,250.00 or 1.25% of the transfer value when it is paid. Processing times are obviously dependent upon the speed with which information can be obtained from the ceding schemes.
G6T Solutions can provide fully compliant investment reports to assist advisers in the suitablity of advice to clients and ensuring that all investments mirror precisely the clients attitude to risk.
The Investment Report offers a transparent overview of your clients assets invested. This will show the composition and performance of their portfolio clearly and comprehensively and contains detailed information on individual positions and completed transactions. The Investment Report, along with your clients risk profile and individual needs, serves as an important basis for future investment decisions.
Advantages
- Maintain a more transparent view over your clients assets
- Determine the scope and level of advice, detailed in your clients investment report
- Decide how often you wish to receive the report
- Choose the way you’d like to receive the report
The costs for this is MiFID £300.00. The Investment Report can be provided to you on a regular basis. Its frequency can be adjusted if necessary. You’ll receive it either in hard copy form or electronically as a PDF. To change the way you receive the report, contact G6T Solutions.