PENSION BUREAU PROCESS
The following information walks you through the process we take with you and gives you an indication of timelines. A full process document will be provided to you at the point of introduction.
1. Enquiry and authority
To begin, we require you to complete a fact-find, health data consent form and Enquiry Form for each of your clients. The Enquiry Form will give us authority to contact the scheme and obtain details of the benefits where necessary. It should be completed and then signed by the client. Any other information, such as Benefit Statements, Scheme Booklets or a recent Transfer Value, will help speed up the process. We will also directly provide the scheme member with our Client Agreement.
The more detailed the fact-find the better. If information is missing, we will request this from you, however, please bear in mind this will delay the process.
2. Information gathering
If not already provided, we will then request the necessary information from the scheme, such as the Cash Equivalent Transfer Value, Benefit Statement, Immediate Early Retirement Benefits (if over age 55) and Current Scheme Booklet.
We will then phone one week later to obtain a likely timescale for response and we will chase frequently until the information is received.
3. Preliminary assessment
Once all the relevant information is received, we will produce a TVAS report. In some instances, the scheme may not provide all of the information requested. Where practicable, we may then make certain assumptions in order to complete the TVAS and preliminary assessment. This helps to ensure that the process is completed as quickly as possible.
If necessary, we may also have a brief conversation with the client to clarify details from the fact-find and potentially gather more information.
4. Transfer illustrations and Recommendation
We will then carry out a full analysis, prepare transfer illustrations and make the recommendation to the client.
If the recommendation is to proceed and you require an Introducer Adviser Charge, this can be agreed with the client.
The fee can be deducted from the transferred funds along with our Advice Fee and will be documented in the Suitability Report. Alternatively, your fee can be paid via an ad-hoc fee arrangement after the agency has been transferred back to you.
If you require an ongoing fee, this can be organised before or after the transfer has been completed, depending on the provider chosen, and the servicing agency has been transferred back to you, the introducer. In all cases it will be included in the TVAS and Suitability Report.
5. Suitability report sent
We will email a copy of the Suitability Report to you, together with a copy of the TVAS report if required. Unless previously agreed otherwise, the original Suitability Report and supporting documents are sent direct to the client, including all relevant forms required for completion and return. We also carry out an electronic Money Laundering and ID check.
6. Transfer request
On receipt of the forms and documents requested, we will check everything has been included and signed as necessary. If anything is missing or incomplete, we will inform the client and you.
Completed paperwork is then sent to the new provider. They will acknowledge receipt and send any forms and documents to the transferring scheme.
We will chase the transferring scheme regularly to ensure that the process is completed as soon as possible and keep you informed of the progress. This includes chasing any further information not originally requested. This process can take several weeks.
7. Transfer complete
Once the transfer has completed, the new provider will issue documents to confirm the pension contract is in force, along with payment of the agreed fee where appropriate.
8. Payment and Servicing Agency returned to you
We will issue a letter to the client explaining that the transfer has completed and, if any, pay the Introducer Fee to you once we have been paid. We will then send a change of agency letter to the scheme, to remove us as the servicing agent for the policy and to put this under your agency. You are free to set up any ongoing adviser charge or ad-hoc fee as agreed between you and the client.
TVAS ONLY SERVICE
The Financial Adviser / Introducer should send us the scheme(s) Transfer Value statement and details of benefits payable at normal retirement age, as indicated on the Submission Form, together with payment of £295 for each scheme. It is up to the introducer whether this cost is passed on to their client. If there is any further information required, we will contact you to ascertain this.
We will then provide a TVAS Report for each scheme.
from the point of initial contact right the way through to what was an extremely painless and satisfactory final outcome I was treated with courtesy, politeness and kept informed of every stage. My requests for any further clarification are treated with great patience and understanding.
I found Grove Financial advice helpful and informative in all stages of the (Pension Release) process, I would recommend the to any friends and family who needed impartial advice on financial matters.
Grove made all aspects of the pension release process very clear and precise, and kept me up to date on what stage my pension unlocking was at. Very professional at all times.
I would recommend your services to anyone. A good job well done. Thanks.
I did not think such a good service existed but it does. Grove customer service really does look after the customer.
I found your staff very helpful and professional at all times. The advisor concerned did everything in his power to speed up the process as I had wanted to use the funds to attend my son’s wedding (abroad). The deadline was met and I was able to achieve my goal. The advisor went out of his way to ensure I was fully briefed and had considered all options before making my decision, thank you again.
I had no pre-knowledge of what would be involved in pension release so I was pleased by the professionalism and friendly service offered by your organisation, things were explained in a clear and concise way so I would have no hesitation in recommending your services to other people.
I looked around the internet for some time, all I looked at was very confusing to me. I then found Grove Financial and found it very easy to read and take in. I sent an email with a question to see the response. I had a perfect response in plain english. I was very happy to carry on with the excellent personal service.
Very helpful. Explained in detail, answered all my questions. Would recommend to family and friends. Excellent services.
GROVE SUPPORTED CHARITIES
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