CTC Adviser Solutions

Pension Freedoms place new obligations on workplace schemes, demand new approaches from advisers and new products and services from providers. CTC Adviser Solutions was set up in the wake of Pension Freedoms to provide software and services to help providers help advisers help schemes help members. Any party could instigate the use of our software and services for the benefit of members and consumers but ultimately our solutions are used in the advice process. Read on for the Pension Freedoms issues we are here to solve…

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For trustees and scheme sponsors

Equally for Defined Benefit (DB) and Defined Contribution (DC) schemes, it is incumbent upon trustees to make members fully aware of all their retirement options. DB and DC members will have different considerations in the benefits they are giving up and, although not right for everyone, some DB members may be genuinely better off transferring. Once a member retires in a DB scheme all other options cease to be available so it is critical that they explore this before they start taking benefits.

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For Insurers and Product Providers

Firms who administer corporate schemes are expected to provide services to help members understand their pension savings. Where firms offer receiving products for transfers, they want to ensure their products are appropriately represented and they take business that meets their risk parameters. Additionally firms that insure Defined Benefits have a responsibility to make members aware of their options (including deferred annuitants); this might well result in the release of capital from those that transfer.

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For Advisers to Members

Advisers may have individual clients with company scheme benefits to consider or they may be appointed by a scheme to offer advice to members. Particularly for transfers out of DB schemes, the process is highly regulated and Transfer Value Analysis cannot be considered in isolation. Given the thousands of members exploring pension freedoms there isn’t enough adviser capacity in the market. This calls for a different approach that is less demanding on an adviser’s time and is more efficient end to end.

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For advisers to schemes / sponsors

A significant challenge for advisers lies in helping trustees and sponsors to understand the breadth of options available to members as a result of Pension Freedoms and how to convey them. As ‘value for money’ becomes increasingly important, advisers have a critical role in translating member options into impacts on the scheme. Consultancy and advice in this area requires the support of powerful tools which can bring the issues to life.

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