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Product Providers Policy
Transvas Profiler system offers the opportunity to use the charging structures of the majority of
Personal Pension and Section 32 contracts.
On your Case Submission Form you are required to complete your chosen Personal Pension and Section
32 product provider including:
- The actual product name (remember, some providers have more than one contract).
- The rate of commission you require your contract to be based upon.
- The chosen fund split, e.g. 50% With Profits, 25% European, 25% International.
Default Policy
Where no specific instructions are given, the bureau adopts the following policy:
- The cheapest product which pays commission to IFAs is selected for both the Personal Pension
and Section 32.
- Where any element of GMP benefit exists, as a result on Contracting out before 4/97, the
Section 32 Provider will require some funds to be invested in a With Profits fund (see GMP Coverage below), the fund choice will be 100% With Profits. For consistency, if With Profits is used for the Section 32, it will also be used for the Personal Pension.
- Where no GMP benefits exist, the fund chosen for both Personal Pension and Section 32 will be
100% Unit Linked Balanced Managed. Where more than one Balanced Managed fund exists, the most
popular will be used.
Where Specific Instructions Cannot be Accommodated
The policy adopted by the bureau where instructions cannot be followed is:
- If the product does not feature on the system, and no other products from the same provider
are available, the default policy detailed above will be adopted.
- If the product does not feature, but another product from the same provider is available,
this will be used.
- If the system cannot compare the product e.g. SIPP, SSAS, Group PPP, Group Money Purchase
products, a generic "No Charges" product will be selected. This will produce a pure Critical
Yield, to which the Reduction of Yield for the chosen product will need to be added, when
finalising your recommendation.
- Where it is not possible to select your requested product for the above reasons, but a choice
of funds has been specified, we will follow the above guidelines but incorporate your required fund
split wherever possible.
GMP Coverage
Product Providers do not currently release the GMP Coverage calculations externally. Therefore,
O&M are unable to take into account the specific amount required to be invested in a With Profit fund.
A Range of Products
A number of our customers are fairly relaxed about the choice of product, so long as the Provider
is of a reasonable standing. In these circumstances, we are happy to assist you by selecting the
cheapest product from a range you provide when you complete your Case Submission Form.
Pensions Profiler
Most of our Transfer Bureau customers rent Pensions Profiler to assist in their decision-making.
Click here to see how Pensions Profiler can assist you.
Summary
The funds chosen affect both
the Critical Yield results and the Investment Performance page of the report. If you provide O&M
with clear instructions we will be able to provide a report more suited to your requirements and
reduce the need for re-runs.
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