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Below are some the most Frequently Asked Questions for Pensions Profiler
Switching Specific
What is a CAL?
CAL stands for Client Access Licence. For Pensions Profiler to run it requires a CAL to be installed on the PC that is being used.
Each product licence for Pensions Profiler requires a minimum of one CAL for the system to work. Our
Sales Department will be happy to discuss your exact system requirements with you. [Top of Page]
How can I order an extra product licence or CAL?
Simply e-mail your requirements, together with confirmation that we can collect the initial fee and increased monthly rental from your Direct Debit.
Click here to contact our sales department. [Top of Page]
What is a Dongle and how could it help me?
A dongle is a small piece or hardware that is plugged into the USB port of your PC. Where you use Pensions Profiler on more than one PC but do not require simultaneous access, it is possible to deliver the product licence on a Dongle. Dongles can be purchased from O&M for a one-off cost of £25 + vat.
The most common Dongle installation is where a user wants access to Pensions Profiler on an office based PC and also a laptop, but not at the same time. In this situation, a new user renting the standard version of Pensions Profiler would pay:
- A one-off initial fee of £100 + vat.
- A one-off charge of £25 + vat for the Dongle.
- Monthly rental of £40 + vat for the product licence
- Monthly rental of £10 + vat for the 2 CALs required (£5 + vat each, one for the PC and one for the laptop).
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Can Pensions Profiler run on my office network?
Yes, Pensions Profiler can be accessed over a LAN. This would necessitate the product licence being installed on your server, and a CAL being purchased for each user/machine requiring access. This allows one user at a time, to the product licence. Access for multiple users can be accomplished by purchasing additional product licences. [Top of Page]
Can more than one person use the system simultaneously?
Yes, so long as you order sufficient number of product licences and CALs. [Top of Page]
Can I load the system onto more than one machine?
Only if you have purchased the right number of product licences. The system is protected to prevent software piracy. [Top of Page]
Does Pensions Profiler include a "Shortfall Planner"?
The system includes 3 areas, which will allow "Targeting", to give an indication of the premium levels required to fund a target percentage of salary or a target pension in today's terms. The system is not a full shortfall planner, as the value of existing State, company or private pension schemes cannot be taken into account. [Top of Page]
I am a "Fee Based IFA"; does Pensions Profiler show nil commission?
Pensions Profiler allows you to choose 6 different commission options when looking at single and regular premiums, including Nil Commission. [Top of Page]
With the advent of "Stakeholder" why do I need Pensions Profiler?
The common 1% world did not materialise and many of the original Stakeholder products offered discounts from the 1% AMC. In April 2005 the "Sandler" Stakeholder plans with 1.5% AMC for the first 10 years were introduced. Pensions Profiler contains both types of Stakeholder plans together with other styles of charge to enable you to choose the most appropriate plan for your client. [Top of Page]
I have other research software so why do I need Pensions Profiler as well?
Experience has shown that the general research tools are often sufficient for the majority of business but more detail is required for pensions. A large number of our customers use Pensions Profiler and other systems. [Top of Page]
Can I set up our Company's approved product panel on Pensions Profiler?
Yes. The system offers a user-friendly facility to create, amend and delete an unlimited number of panels. In addition, it is also possible to create an unlimited number of Investment Portfolios allowing specific funds to be linked to certain circumstances, e.g., differing attitudes to risk. [Top of Page]
There are certain product criteria that I wish to use on a regular basis. Can I set up a panel containing this information?
Yes. As with panels you can create an unlimited number of product filters which will permanently save the selections you make. Each filter can be amended or deleted at any time. [Top of Page]
What are the minimum specifications required by Pensions Profiler?
| Operating System | Windows 98 |
| Processor Speed | Pentium III 800 MHz |
| Memory | 256 Mb RAM |
| Hard Drive | 45mb on installation |
| CD/DVD | 16x read speed* |
| Microsoft.NET Framework 1.1 | Required** |
| Internet Connection | Preferable*** |
| Screen Resolution | 1024 x 768 recommended |
| Network Connection | Required for network & multi-user installations |
*Required for installation and updates if an internet connection is not available
**If Microsoft.NET Framework v1.1 is not present, the installer will automatically ask to install this feature. . Without the .NET framework, Pensions Profiler will not run.
***Activation and Updates are now performed automatically providing an internet connection is present
Operating Systems Supported:
- Windows 98
- Windows ME
- Windows 2000
- Windows XP
- Windows 2003
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Do you support Citrix Metaframe or Windows Terminal Server environments?
Pensions Profiler is fully compatible with these environments but there are some additional considerations which need to be taken into account. If advised when purchased we will supply full installation instructions for Citrix/Terminal Server. As with every install, we will offer you every assistance to get your system correctly up and running; however; given the complicated nature of these environments you will need to involve your own IT department to assist with the installation. In addition, you will require Administrative permissions when installing and configuring the program. [Top of Page]
If I increase the number of product licences or CALs I have, how long am I committed to this number?
You are not committed at all and can reduce the number the following month if required. The only point to remember, is that if you subsequently increase your product licences, you will be charged the initial fee again. [Top of Page]
Will Pensions Profiler run in a WAN environment?
The simple answer is yes, the software will work in these environments, however performance will depend on the speed of your WAN infrastructure. There is a large amount of data that is passed between Server and Client machines and other programs/network traffic will affect how the program responds. [Top of Page]
I have existing quote information stored within Pensions Profiler 2.7, is this compatible within Pensions Profiler .Net?
The functionality to import quote information from previous versions of Pensions Profiler was introduced under Version 3.01 (release date Sept 2006).
Upon launch, Pensions Profiler .Net will detect any previous installations of Pensions Profiler and automatically import the data to the new version. This avoids the timely job of re-keying data and potential typing errors. If you wish to take advantage of this functionality, it is essential that you do not uninstall the previous version of Pensions Profiler until the new version is up and running.
Should you be unsure of your current system version, the version number can be found on the application homepage underneath the Pensions Profiler logo, or alternatively by clicking "Help" "About O&M Pensions Profiler".
Should you be in any doubt, please contact Computer / IT Support (0845 490 1010) before removing any previous installations as the quote information will not be retrievable. [Top of Page]
Switching Specific
Can I give the Switching reports to clients?
Yes, the report is designed to be handed to the client, however, in isolation it cannot guarantee compliance with the FSA rules. For example, you are still required to produce Key Features documents etc for the products being recommended and draft your own suitability letter etc. [Top of Page]
Will my compliance department accept the reports as being compliant?
Before launch we market tested the system with a number of large organisations and most felt the reports would add structure and consistency to the advice being given. Almost all of them suggested that their particular guidance would require some clarification which can normally be handled by the notes section. [Top of Page]
Can I personalise the reports?
The cover page includes your name and your company name, in addition, it is possible to add your corporate logo to the cover page. [Top of Page]
Can I edit the reports?
The majority of the report is produced by the system, however, there is a notes section in the system which allows you to add notes, qualify statements and generally "add value" to the Switching reports. [Top of Page]
Do I have to get policy values from the existing pension provider?
Only the existing provider can accurately calculate the projected benefits. Pensions Profiler's Switching system contains an estimate facility that can be used where results are not provided, however, this should be used as a last resort. We suggest that you refer cases where you intend to use the estimate facility to your compliance department. [Top of Page]
Does the system contain performance data for every pension fund?
There are around 7,000 unit linked and unitised with profits funds within the system, so you will be unlucky to come across one that is not listed. This data is compiled by Lipper so any omissions normally mean that the fund prices are not being supplied to Lipper. If this is the case a "Not Known" facility allows you to still produce a report. Traditional with profits performance data is normally policy specific and therefore cannot be supplied by Lipper. [Top of Page]
Why do I have to use the same product provider for the single premium transfer and the ongoing regular premiums?
There are a huge number of product permutations without adding the complications of splitting a case between two providers. Most advisers are considering consolidation of business rather than mixing business from a single client between two providers. [Top of Page]
Are the calculations accurate?
Pensions Profiler has an unrivalled reputation for accuracy and providers whose products appear on the system all maintain copies of the system at their Head Office. We always seek sign off for accuracy and if we have any doubts, we withdraw the products from the system. [Top of Page]
Can I use annual policy statements to produce a Switching report?
In some cases this may be possible, but we always recommend using up to date values supplied by the existing provider. [Top of Page]
Why can't Pensions Profiler handle Protected Rights?
At the moment some providers quote Protected Rights using Real Rates of Return, whilst others use Monetary Rates (5%, 7% and 9%) or SMPI (Statutory Money Purchase Illustrations) values. Where Monetary Rates or the SMPI basis have been used to quote Protected Rights, these benefits can be combined with the non-protected rights funds. However, take care as Protected Rights may be quoted to a different retirement age to non-protected rights funds. [Top of Page]
My client does not want to leave any benefits with his existing provider, do I have to do a PUP comparison?
No, if you don't enter any PUP (Paid Up) values into the system, the PUP option is not compared and the relevant page of the report is not included. It is advisable to add a note to the report explaining why the PUP and Redirection alternative is not being considered. [Top of Page]
Are all providers included in Pensions Profiler?
The vast majority of providers are included and it is intended to show every product combination for those providers. [Top of Page]
How does the case counter work?
At the start of each calendar month, the counter starts and reduces each time you print from within Switching. A product licence allows production of 50 switching cases per calendar month. Only reports produced from Switching are counted. [Top of Page]
Why was the case counter introduced?
Pensions Profiler is priced to be affordable to every adviser. The limitation will therefore not affect the vast majority of system users, although firms who process large numbers of reports will pay more than a small firm transacting occasional cases. At £45 + vat per month, it is likely that a single successful Switching case will pay for the system for the whole of the year. [Top of Page]
How can I increase my case printing beyond 50 cases a month?
Buy an additional product licence, which will double your entitlement to 100 cases a month. Additional licences are discounted and each additional licence will involve an initial fee of £50 + vat and monthly rental of £35 + VAT. Additional licences for the Professional version of the system involve an initial fee of £100 + vat and monthly rental of £70 + vat. Firms with multiple licences should ensure they have sufficient CALs for their requirements. [Top of Page]
How does the case counter work on multi-user system?
Where multi-user licences are installed across a network, the counter works in relation to the number of product licences you have. This means that a 2-user licence can print 100 reports, a 3-user 150, a 4-user 200 and so on.
Alternatively, if you have 3 systems installed on three stand alone PCs or laptops, each system will have a limit of 50 reports. [Top of Page]
What are the best ways of managing cases for high volume users?
A case is only counted when you print to a printer or produce a PDF document. Using the print preview function to see the results for a client does not affect your print entitlement. There are three types of report available from Switching; two product listings and the Switching report itself. Provided your client remains loaded and unaltered, any number of prints can be made and this will only register as one print. [Top of Page]
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