Transfer Advice Process

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Transfer Advice Process

After registering as an advice client via either our Introducer Client Portal or our Private Client Portal the advice process is below:

 

 

Portal Order Form – Transfer Advice

Please complete our Client Introduction Order form via the appropriate Briggs Murray online portal.

The minimum required to commence an order is our completed Order Form and a signed Letter of Authority.

The Letter of Authority allows us to contact the scheme to request information if required.

If a CETV pack is available please upload this to the Portal when you place the Order request. If a current CETV is not available we will request one.

 

An initial fee of £500 is payable at the time of the order, the £500 covers the TVA report and a “Decision In Principle”.

  • No additional fees (over and above the £500) are payable if the transfer does not proceed.
  • If the transfer does proceed, the £500 fee will be offset against the advice fees payable – which are usually paid out of the transferred funds.
  • Additional DB schemes for the same client are an additional £250 each for a TVA Report and DIP.


Request Information

We request a TVA report from Briggs Murray Actuarial Ltd who will gather any additional information required to produce the TVA report.

Whilst the TVA report is in production we send an email to both the client (and the Introducing adviser if applicable) with links to our Financial Questionnaire and Risk Profile forms.

The forms are online and save automatically whilst you are completing them, so you can log in/out as many times as you need to complete the forms.

Once the forms are complete you let us know via our Portal so we can arrange a convenient time with you to discuss the forms with one of our advisers.


TVA Report + Decision In Principle (DIP)

Once the TVA report and our forms have been completed we can make a “Decision In Principle” as to the potential suitability of a transfer and whether the case should proceed to the full advice process and a Transfer Suitability Report.

 

If DIP = No

If the DIP=No

We will email the client (copying in the Introducing adviser if applicable) a letter outlining our decision and the reasons why.

As schemes supply a free CETV every 12 months, if the client’s circumstances change we are happy to review any declined DIP’s every 12 months for free. This will include an updated TVA report.

 

If DIP = Yes

If the DIP = Yes then we will proceed to do the research required to write a personal recommendation Suitability Report.

We will issue a “full” Client Agreement outlining our fees and any Introducer fees (if applicable).

 

Suitability Report Issue

The Suitability Report is issued to the client via email (with a copy to the Introducing adviser if applicable).

Our Pension Transfer Specialist is available at any time to discuss the Suitability Report or answer any further questions the client may have.


Arranging the Transfer

If the client is happy to proceed with the transfer then one of our paraplanners will contact the client to assist with form completion and submission.

Once the transfer has completed any Introduced clients can submit a “Transfer of Agency” form to the provider.

 

 Fees

Our transfer advice fees are:

 

1% on the first £500K

0.5% on the funds from £500K to £1m

0.25% on funds over £1m

 

The above fees are subject to a minimum of £2,500 per DB transfer.

 

For example:

  • If you transferred £100,000 our fee would be our minimum fee = £2,500
  • If you transferred £200,000 our fee would be our minimum fee = £2,500
  • If you transferred £300,000 our fee would be = £3,000
  • If you transferred £500,000 our fee would be = £5,000
  • If you transferred £1,000,000 our fee would be = £7,500
  • If you transferred £1,500,000 our fee would be = £8,750

 

An initial fee of £500 is payable at the time of the order, the £500 covers the TVA report and a “Decision In Principle”.

 

  • No additional fees (over and above the £500) are payable if the transfer does not proceed.
  • If the transfer does proceed, the £500 fee will be offset against the advice fees payable – which are usually paid out of the transferred funds.
  • Additional DB schemes for the same client are an additional £250 each for a TVA Report and DIP.