Transfer Value Analysis System
The Transfer Value Analysis system will generate all the required critical yields in line with regulations to support a Defined Benefit (DB) transfer recommendation.
There is a step by step process for entering individual lines for each preserved benefit, commutation factors and death benefits. Cases can be copied and edited with different factors (e.g. adviser charges, receiving product AMC, and spouse’s date of birth) and the analysis rerun – with output generated in PDF. The system is multi-user and an audit trail is preserved identify who made changes to what.
When the TVAS is to be generated for a whole group of scheme members, the bulk upload facility can be used to enter all the details for the members rather than keying in each individual case. There is a pre-defined spreadsheet template for this purpose and a step by step process to import the data with data validation.
Member analysis – The results of a bulk TVAS run can be provided for scheme analysis cross-tabulating yields and member ages. Identifying outliers in this analysis can reveal possible data errors.
A dynamically generated report based on case details and the results of the analysis.
The designed report is concise and clear so it can be presented to members. There are two versions of the report – standard regulatory and enhanced for pension freedoms. The reports can optionally be branded with chosen fonts, colours and styling. Alternatively to PDF, output can be in an editable format for use with other document formatting tools. For individual cases, the report includes a transfer checklist which can be used to validate the process.
An online tool that enables members to explore retirement options using their cash transfer. The Hub embraces the full process including retirement objectives, needs analysis, attitude to risk and consideration of personal circumstances.
Based on member priorities, the Hub suggests relevant options and presents them in a simple interactive way with the member staying in control of the exploration. This provides an excellent way for members to gain an understanding of the issues around retirement options specific to their circumstances either prior to or alongside the advice process.
CTC’s CRM capability allows for the building of a customer profile and any information gathered can be retained and used by authorised third parties (subject to data protection). Online forms allow for the completion of a Fact Find to the point that a Suitability Report can be produced.
The report is dynamic with conditional text and clauses produced based on the member’s objectives, their risk profile and personal circumstances. The output can be in PDF or in an editable format. In the latter case, the information can be sent to an automated document production tool or can simply be made available in Word for manual editing.
CTC offers a standard Suitability Report that is in line with regulations. At its simplest, it can be a record clients details and the process, or the report can pull together intelligent deductions.
Common to all the software from CTC:
- Available over the internet so you do not need to install technology
- No restriction to the number of users who can access the software
- Individuals can access the software from anywhere with a PC or tablet
- Access security ensures the software and member data remain confidential
- Security permissions mean member’s data can only be seen and used by those authorised
CTC Technology – Workflow
Software is workflow controlled and includes case management tools:
- Workflows steer information collection on members, the scheme and transfer details
- Users can step back through a process to correct information
- Data is validated on entry including cross field validation
- Cases can be searched for using numerous criteria and by partial matching
- Cases can be copied and edited
- Audit trails record who makes changes and when
CTC Technology – Data Security
Access to data is secure and protected:
- Software and data is held in CTC’s secure data centre
- There is a back-up data centre remote from the main site
- Systems are available 24×7
- Planned maintenance ensures the smooth running of the system
- CTC complies with Data Protection legislation and follows standards for information security
- CTC’s secure data facility is used by its largest clients
CTC Technology – Support
Fully supported by a dedicated CTC team
- Software is set up for specific providers, advisers and schemes
- CTC’s client can training at their convenience (by web conference or their offices)
- CTC has an online reporting system to report any software issues
- There are well defined standard service levels for handling issues
- As standard CTC provides support during business hours
- Standard system parameters set up can be adjusted for specific providers, advisers and schemes