IP Intelligent Pensions

Pension Transfer Bureau Services

Under our transfer bureau service the work we undertake is charged on a fee basis. All fees must be paid in advance, but we operate a four stage process so that the client need not pay further fees if he decides not to transfer at any stage

Stage 1

The basic procedure is that in addition to the Stage 1 fee, we require to obtain a signed Terms of Business and an Authority Mandate to enable us to write to the scheme for the information we require to carry out the initial analysis. As we take compliance responsibility it is necessary that we obtain all information direct from the scheme administrators. Introducing IFAs should not attempt to obtain any information in advance since most schemes will not recalculate transfer values within 12 months of the last calculation. The analysis fee (Stage 1) is payable in advance and this can be paid by the IFA or the client.

Once we have completed the analysis we issue a transfer analysis report to the client and a copy to the IFA. At that stage no advice is provided so that the client has the opportunity to make his/her own decision about whether they wish to proceed to the next stage based on the analysis on its own. (In some cases it may be obvious to the client that he doesn't want to risk a transfer and this allows him to avoid any unnecessary costs).

Stage 2

If the client is happy to move to the next stage, in addition to the Stage 2 fee, we require to have a fact find completed along with supplementary information regarding his objectives and priorities in relation to the pension benefits being considered. Having obtained this information we will then prepare our recommendation report taking account of both the transfer analysis and the client's needs and objectives with a recommendation confirming whether or not we think he should transfer and, if so, whether to a Personal Pension or a Buyout Plan.

Stage 3

If the advice is to transfer the benefits we require the client's confirmation in writing that he wishes to proceed before we start looking at the alternative products available. On receipt of this confirmation together with the stage 3 fee we carry out an analysis of the market based on the client's objectives taking account of product features, charges and investment performance. A product recommendation report is then issued stating the reasons why the particular plan has been chosen. In all cases the analysis is carried out assuming full commission is to be taken unless the IFA advises us otherwise.

Stage 4

Assuming the client is happy with the recommendation, on receipt of the necessary confirmation and stage 4 fee we arrange to complete the necessary paperwork.

Since Intelligent Pensions does not hold agencies with product providers (being a fee based business) the transaction would normally be carried out on execution only terms by the introducing IFA. If necessary it can be carried out by our associate IFA company (The Carruth Financial Group Ltd.) in which case any commission rebate arrangements will be subject to there being an Introducer Agreement in place with Carruth a copy of which will be provided on request. As pension transfer work is heavily regulated it is essential that all documentation requirements are closely adhered to for the protection of all parties concerned.

Note: if required, for example where information has already been obtained and the transfer value guarantee period has already commenced, we are prepared to carry out Stages 1 & 2 together, on payment of the relevant fees and on receipt of the necessary paperwork.