Template Updates including ‘Whole of Life Cover’ Considerations for Defined Benefit Scheme Transfer Recommendations

We completed the latest upgrade to ATEB Suitability on 9th July 2021. This update comes at no additional cost and provides various template & content management enhancements as well as performance improvements when recommending/reviewing multiple investment/retirement plans.

Full details of the enhancements can be found in the tables below, but some of the highlights are:

Upgraded Investment/Retirement Plan Charges table functionality

In our April 2021 system update, we upgraded the calculation logic within the charges tables of the main ‘Suitability Report’ template; to provide firms the ability to deduct an initial advice fee from the initial investment/contribution amount for all new investment/retirement plan recommendations. This functionality is now available for any further investment/contribution amounts being made to a client’s existing investment/retirement plan(s).

Improved Recommended Plans page loading times

The logic within the Recommended Plans pages of the main ‘Suitability Report’ template has been restructured to reduce the load time experienced when adding multiple Investment/Retirement plans to the same report.

New ‘Whole of Life Cover’ considerations section added for Defined Benefit Scheme Transfer recommendations

Where advice has identified a desire to provide a legacy in the event of a client’s death / protect the value of their pension in the event of death, firms are now provided with a range of supportive wording to assist them in considering and recommending or discounting a Whole of Life insurance policy as a suitable alternative to transfer.

Content Management – ‘Investments’ library updated

We have added descriptive text for the following ‘Investments’ within Content Management:

  • Invesco Summit Responsible 1 Fund
  • Invesco Summit Responsible 2 Fund
  • Invesco Summit Responsible 3 Fund
  • Invesco Summit Responsible 4 Fund
  • Invesco Summit Responsible 5 Fund

Template Change Details

Main Suitability Report

Change at a glance Location Detail
Enhanced charges table functionality. Getting Started page Investment Advice/Retirement Advice Investment/Retirement Plans page New or Existing? Existing Investment/Retirement Plan Charges page Do you wish to include the initial charges? Yes Will the initial advice charge be deducted from the investment? Yes Firms are now able to deduct the advice fee from any investment/contribution amounts being made to a client’s existing investment/retirement plan(s).
Improved Recommended Plans page loading times. Getting Started page Investment/Retirement Advice Investment/Retirement Plans page We have reduced the load time a user experiences when adding multiple investment and/or retirement plans to the same report.
New ‘Whole of Life Cover’ section added for Defined Benefit Scheme Transfer recommendations. Getting Started page Retirement Advice Retirement Plans page Existing Defined Benefit Scheme or Other Occupational Further Considerations tab Whole of Life Cover A new ‘Whole of Life Cover’ section has been added to the ‘Further Considerations’ tab. Users are provided with a range of supporting text in this section to assist with consideration of Whole of Life insurance as a suitable alternative to transfer.
New logic applied to the Retirement Plans page. Getting Started page Retirement Advice Retirement Plans page Discounted Alternatives/Further Considerations tabs The selectable sections shown within the ‘Discounted Alternatives’ and ‘Further Considerations’ tabs of the Retirement Plans page are now dependent on the ‘product type’ or ‘action applicable’ selected.
‘Ongoing Charges Figure (OCF)’ wording updated. Getting Started page Investment/Retirement Advice Appendices page Glossary of Terms Glossary page We have updated the wording of our ‘Ongoing Charges Figure (OCF)’ glossary item.

Content Management

Change at a glance Location Detail
New ‘Investments’ added to Content Management. Dashboard Content Management Investments New descriptive text has been added to the ‘Investments’ feature of Content Management for Invesco’s Summit Responsible 1-5 Funds.

Please don’t forget we have a collection of ‘how to’ guides, articles and hints/tips via our FAQs which are available on our Help & Support Portal.

Our support team are available 9am – 5pm / Mon – Fri to answer any further questions you may have support@atebsuitability.co.uk / 0191 338 8177.

Important Note: ATEB news is intended to provide general information ONLY. The content, including any views expressed or guidance provided, does not replace the need to comply fully with FCA Rules and Guidance. Unless you have discussed news article content with ATEB, and specifically how it relates to your circumstances, then ATEB disclaims all liability and responsibility and actions arising from any reliance placed upon it. For the avoidance of doubt therefore, any reliance you place on such information without our consultation is at your own risk.

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About the Author

Director - Having joined us directly from university, David quickly developed into an indispensable member of the team. As our IT Director he is responsible for ATEB’s technology strategies, security systems and platforms. He has been at the forefront of the development of ATEB Suitability and instrumental in ensuring that the complex regulatory requirements are catered for in an interactive and intuitive fashion. He would be delighted to discuss its capabilities with you in more detail.

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