We completed the latest upgrade to ATEB Suitability on 30th September 2020. This update brings our DB Transfer reports in line with the FCA’s new PS20/06 rules and provides a facility for creating Abridged Advice Reports.
The upgrades are shown below ‘at a glance’ and come at no additional cost:
- The new mandatory one-page Pension Transfer Summary;
- Additional Workplace Pension Scheme Options;
- A new Abridged Advice Report Template;
- Expanded descriptive text for TVC.
Full details of the upgrades/changes can be found if you scroll down to the tables below.
For more information on PS20/06 please read our sister firm ATEB Consulting’s articles here:
Major Application Enhancements
|Change at a glance
|Addition of new core template to accommodate for Abridged Advice reports.
|Create a New Report → Select Type: Abridged Advice Report → Start Report
|The new template provides a framework to assist firms in the production of DB Transfer Abridged Advice reports.
Suitability Report Enhancements
|Change at a glance
|Addition of new mandatory one-page Summary of Advice for DB Transfer Reports
|Introduction to Advice → Defined Benefit Review – Summary of Advice
|When providing DB Transfer Full Advice there is now a requirement to include a one-page Summary of Advice in an FCA prescribed format.
|Expansion of Transfer Value Comparator & Critical Yield Text
|Retirement Plans → Existing Defined Benefit Scheme or Other Occupational → Pension Transfer TVC / Pension Transfer Critical Yield
|The new options and descriptive text are designed to provide a comprehensive explanation of the TVC, CY and Hurdle Rate analysis.
|Consideration of the availability of a Workplace Pension Scheme during a Full Advice DB Transfer Report
|Retirement Plans → Existing Defined Benefit Scheme or Other Occupational → Plan Details → Qualifying DC WPS
|If a qualifying DC WPS is available to a client the adviser will be prompted for the required justification as to why it is or isn’t a suitable retirement vehicle. Advisers can also recommend transferring a DB Scheme to a DC WPS.
Please also see our collection of ‘how to’ guides, articles and hints/tips via our FAQs which are available now on our Help & Support Portal.
Our support team are available 9am – 5pm / Mon – Fri to answer any further questions you may have email@example.com / 0191 338 8177.