The following steps indicate the typical progress of a Transfer Bureau case.
Instruct O&M
Send us a letter of authority and case submission form when you discover benefits in a final salary scheme.
These forms are explained in more detail under the Getting Started section.
If you already have details of the scheme or benefits, please let us have them as this could save time.
Whilst some of our customers like to obtain the transfer value before instructing O&M, the transfer
value is only guaranteed for three months; this time can disappear very quickly if a scheme is slow
in responding to subsequent queries!
Sit Back
Whilst we obtain the benefit statements, transfer value and scheme handbook.
This can take anywhere between three days and three months to receive and there is little anybody can do
to speed this process up. Schemes have a duty under legislation to provide a Transfer Value within 3 months
and 10 days of a written request by a member. Furthermore, a scheme is only obliged to provide 1 transfer
value in a 12 month period.
Our recent experience has shown that 55% respond within 5 weeks and 75% respond within 9 weeks.
Remain Seated
Whilst we clarify the missing information to ensure the analysis is both complete and accurate.
Receipt of the benefit statement and transfer value is only the start or the process. These documents
are written with the intention of satisfying the Disclosure Regulations and the majority lack the detail
required to conduct a thorough analysis.
It is at this stage in the process that our experience with schemes will benefit your case, as we are
continuously building and maintaining a library of scheme information. This means that there is a good
chance that we already have details of the scheme, which will in turn speed the process .
Where we do need to contact the scheme for clarification of issues or further information, 55% respond
within 4 weeks and 75% respond within 7 weeks.
Rest Assured
We will monitor your case and chase the scheme regularly when answers are slow in coming through.
Our service is not geared around a next day turnaround where countless assumptions are made. This is
one of the reasons why so many Networks insist that their members use an O&M report.
Keep Track
Using your own page on our Web based Case Tracker.
This service is available 24 hours a day and updated daily. This gives you quick access to the status of
every case you have in the Bureau.
Get Involved
By writing the suitability letter when you receive the report. Your advice needs to be based upon the
clients risk profile and attitude to the benefits under their ex-employers scheme, e.g, tax free cash,
death benefits. All of these issues are covered in detail in the
O&M Attitude Questionnaire which can be
downloaded and used free of charge from this website.
Getting Started
Registering for the Transfer Bureau is free; you only pay for the reports you request.
Read our Getting Started instructions.
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