For individual cases
Whilst CTC has been providing Pension Transfer services for the last fifteen years, this has only been available to schemes and corporate advisers. Following the announcement of Pension Freedoms, CTC has been receiving an increasing number of enquiries from advisers servicing individual transfers. Responding to this, CTC launched a full transfer service in January 2017. The service will liaise with a scheme to produce a report for an individual case. (Note – CTC does not undertake regulated activity)
CTC Adviser Solutions offers a transfer service for bulk transfer exercises. This service applies equally to schemes that may be going through exercises for Enhanced Transfer ValuesPension Increase Exchange or Flexible Retirement Options.
The service does not undertake regulated activity.
The core service is the production of TVA reports based on receipt of a file of member transfer details. Additionally, CTC can provide the results online with all the case details so the TVA can be rerun with alternative parameters (without deferring to CTC). There are a number of other optional services as well.
Increasingly today, trustees are looking for bulk exercises that are not one-off but repeatable across several years. With Pension Freedoms open to anyone over the age of 55, trustees are instigating regular communication exercises for certain groups of scheme members leading to transfer requests coming in batches.
For Schemes – Producing TVA Reports
CTC will provide an estimated cost for producing the reports based on the scheme numbers and scheme complexity. The exercise starts when the estimate and timetable are agreed.
The step by step process for the exercise is:
- Receive file of data from Pension Scheme in standard format
- Analyse membership
- Perform an initial validation to ensure that the data available is fit for purpose
- Liaise with scheme administrators to collect any additional data, to ensure the benefit basis is fully understood and to agree any necessary assumptions
- Load file and generate TVAS calculations in line with regulations (but based on any assumptions set by the client).
- Generate TVAS reports in CTC standard format for all members
So long as there are no problems with getting the correct data then the exercise runs for about 4-6 weeks (depending upon scheme complexity).
For Schemes – Access to Member Cases Online
Member cases including the TVAS results can be made available online. The member cases are held in a database in CTC’s secured facility. Data is backed up regularly and automatically deleted after a period of six months.
Authorised individuals not only have the ability to look at cases online, but can also change certain case parameters and rerun the calculation and output; parameters that can be changed include spouses DoB and the receiving arrangement’s AMC.
A full audit trail is kept of changes. Access is over the internet requiring no installation of software and no local technology requirements (other than a web browser).
This provides a considerable degree of flexibility to the adviser. The system is available round the clock so you can view results and rerun reports at your convenience. If you should want CTC to change parameters and rerun calculations, then this can be done during office hours and incurs an additional charge for each rerun.
For Schemes – Optional Services
There is a range of optional services available including:
- Help with creating the source data file (where the scheme data is incomplete)
- Interpreting original scheme information
- Rerun of calculations on different basis (scheme or member level)
- Extract of bulk results in CSV format (enables clients to analyse and explore options such as enhanced benefits)
- CTC can support communication exercises with members including introductory letters/emails to scheme members
The transfer service uses the same system described in the Software section. It is possible to use the service to generate the reports and then use the Software to continue an advice service with a member including:
- Retirement Hub to engage member’s interest and improve understanding
- Embedding of online questionnaires e.g. for attitude to risk/capacity for loss
- Addition of further client specific information leading to full Suitability Reports
- All data included can be retained for compliance use and future audit