Stage 1Education & Understanding
Before we meet with you we will carry out a pre-assessment of your requirements.
You will initially need to meet the following criteria:
Aged 48 or over
Transfer Value in excess of £300,000
Should you meet this we will send you a link to a series of videos to watch prior to us meeting to assist you with understanding what you currently have and what you would be giving up.
These will educate you so that you can decide whether to proceed to regulated advice. The videos will provide generic, balanced information on the advantages and disadvantages of pension transfers.
Should you then wish to proceed following this we will move to an Initial Meeting. We will send you an initial discovery questionnaire to fill out
Stage 2Initial Meeting
This helps us to understand your financial objectives and we will confirm how we can support you in working towards these goals. We will also discuss the cost, and levels, of our services both initially and throughout our relationship with you.
We charge our services by way of a fixed fee. These fees are based on the specialism and complexity of advice, subject to a minimum fee.
During the meeting we will review the information provided in the discovery questionnaire and explore these in more depth
Discuss what your aims and plans are for the future. This will be focussed around your needs, objectives and wants
Discuss your understanding of investing, Attitude to Risk and your Capacity for Loss and we will show you what investing in the markets can look like.
We will not provide any advice at this stage and will just discuss you needs, wants and objectives
To this point we will not charge any fees and the time spent will be at our expense.
Should you wish to proceed at this point we charge a flat fee of £500.
At the end of his meeting we will send you an electronic fact find via our cashflow planning software, we will also like you to consider your needs, wants and objectives again.
Stage 3Pension Analysis
Document the fact find, cashflow information, objectives and attitude to risk
We will require the last 3 months bank statements to document your income and expenditure
We will conduct a Transfer Value Comparison of the defined benefit pension to establish the estimated value needed to replicate the Defined benefit income in a Defined contribution environment, where the result of a recommendation would be the purchase of an equivalent annuity.
We will use Appropriate Pension Transfer Analysis to help demonstrate the suitability of the personal recommendation in the context of your objectives; needs and wants, attitude and ability to manage risk, capacity for and resilience to loss and attitude to investment risk.
Cashflow planning will be used to show various scenarios including market downturns
We will write you a suitability report making a recommendation to either KEEP the defined benefit pension or MOVE it to a personal pension
We will sign any paperwork (as pension transfer specialists) required by the pension trustees to confirm we have provided you with appropriate financial advice
This analysis fee does not involve the implementation of any advice nor the recommendation of a suitable pension product provider
The fee cannot be deducted from the pension and has to be paid upfront before we proceed with this stage of advice
Should the advice be positive and you wish us to implement the transfer the process moves to Pension Implementation stage.
Stage 4Pension Implementation
£300k to £400k – £10,000
£400k to £500k – £11,000
£500k to £750k – £12,000
£750k to £1m – £15,000
£1,000,001 plus – To be discussed with Sanctuary
If following our pension analysis, you request our assistance in implementing the advice which would include:
We would research and identify the most suitable pension to meet your needs, whether that be a personal pension, SIPP or SSAS, and confirm our recommendation in a suitability report
Complete all paperwork to complete the transfer
Complete all paperwork to set up the new pension
Deal with the transferring pension administration team to ensure the transfer completes as smoothly as possible
Complete necessary paperwork to take tax free cash if required
Agree an appropriate investment strategy to meet your needs for the remainder of your pension funds
Complete paperwork to carry out the required investments to meet your goal
Please note that we will only recommend an investment strategy in accordance with our own Central Investment Proposition and will not implement one of your choice.
We will provide you with a Financial Plan in line with our Financial planning process