Intro v2 - Pension Works

"We would strongly recommend Pension Works to any Financial Services business looking to introduce pension related consumer enquiries."

Financial Advice Group – Leeds

Our Team

Our team of pension transfer specialists are fully authorised and directly regulated by the Financial Conduct Authority. Using industry-leading systems we provide high-quality, compliant Defined Benefit Transfer advice to clients throughout the UK.

Our Service

With ISO9001 accreditation and the Pension Transfer Gold Standard, we consistently strive to provide exceptional levels of customer service and compliance. Every single file is compliance checked multiple times both internally and externally to ensure that we only ever provide advice that is in the client’s best interest.

Client Criteria

We believe that financial advice should be available to the masses.

With this in mind, we apply the following case acceptance criteria:

The Transfer Value must exceed £30,000<./li>
You must be at least 54 ½ years of age (unless terminally ill).
You must be a current UK resident and UK taxpayer (or non-taxpayer) and the DB scheme must be UK-based.
You must not be an Insistent Client.
You must not be on means tested benefits (excluding Child Benefit).
You must not be planning to move abroad in the next 5 years.
You must not be an active member of the scheme Pension Works are being asked to advise on.
You must not be a Self-Investor (where it is the investor and not the adviser choosing the destination for a transfer).
We can only provide advice on active transfer values, and a transfer can only proceed if the Cash Equivalent Transfer Value (CETV) deadline has been met. Pension Works are not responsible for any costs associated with requesting a new CETV.
Pensions Works are unable to consider a transfer for a client separated from their spouse or in the process of going through a divorce until there is a court approved and signed pension sharing order or finalised financial settlement.

Purely Independent

Pension Works are completely independent. We work with a huge variety of insurance companies and have access to hundreds of products. These are some of the companies we work with:

Your Client Process

If you want to use our service all our customers follow the simple process your clients will go through.

1

Initial Engagment

At the start of the process we take the time to explain everything to your client, as well as issuing our Terms of Business and brochure, which includes an overview of our charges. If we have not already obtained a signed Letter of Authority, we will ask your client to sign and return this for their pensions.

2

Information Gathering

When we receive the signed Letter of Authority, we will contact the pension providers to gather any relevant scheme details.

3

Fact Find Meeting

Your client will be asked to watch our ‘triage’ video and review a series of case studies. This provides even more insight to help them decide whether they wish to continue with the advice process. If they agree to proceed, their dedicated Financial Adviser will carry out a detailed ‘Fact Find’ meeting via telephone to gather as much information as possible about their financial life and talk in detail about their objectives.

4

Initial Advice

This abridged advice, is a shortened form of regulated advice which will determine whether a transfer out of your client's Defined Benefit scheme is unsuitable or unclear. This will be presented to them as an Initial Advice report.

5

Full Advice

If the outcome of the Initial Advice is unclear, your client is able to choose to proceed through to Full Advice. This will involve a full comprehensive analysis of their pension scheme, in order to deliver a personal recommendation. A full report will be issued to your client and an advice meeting will be held with their dedicated Financial Adviser. The outcome the advice will either be for your client to transfer your pension or alternatively maintain their pension in its current place.

6

Transfer

Should a transfer be deemed suitable and your client wishes to proceed, we will issue them the required documents and facilitate the transfer.

At this point, once our fee has been paid we will notify you allowing you to take over the servicing rights and therefore retain the funds under management.

Our Fees

Defined Benefit Review Service

Initial Report Fee	Free
Full Report Fee
First £50,000	3%
All Remaining	2.5%
Minimum Fee	£2,495
Maximum Fee	£14,950

click here for our Defined Benefit fee calculator

Example of Our Fees

Example Of Our Fees	Fund Value Transferred	Fee Percentage	Fee
Defined Benefit Review	£75,000	Minimum Fee	£2,495
Defined Benefit Review	£250,000	2.6%	£6,500

Pay Away

Introducer Pay-Away is calculated and paid from the client Implementation Fee and paid within days of receipt of payment from the scheme.

We know that each of our Partners, and each of their clients, are different so we offer three tiers of Pay-Away, each defined by the information received on submission of the case:

Lead Type	Percentage Pay Out	What information do you need to supply?
Standard	20%	Personal Details
Packaged Basic	25%	Personal Details
Packaged Basic	25%	Signed Pension Works LOA
Packaged Enhanced	30%	Personal Details
		Signed Pension Works LOA
		Full policy information for the pensions we are to advise on.

Dedicated Account Management

We understand the significance of the role we are playing in shaping the future of each your clients. The process your client will go through can take a number of months and involves several different stages.

Each introducer working with us will be allocated an Account Manager who they will have access to throughout the working week.

Your account manager will be your primary point of contact for the following:

Updates on their existing clients
Queries relating to future prospects
Discuss any potential future products or services which you may find useful

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Now working with over 700 IFA firms across the UK

Introducer Hub

Our Introducer Hub allows you to sign up as a partner and submit a client case within 15 minutes and monitor its progress throughout:

1.) Customer List

Allows you to view all clients you have introduced to Pension Works. Along with their current status, level of Pay-Away, unique reference numbers and more.

2.) New Customer

Allows you to introduce a new client to Pension Works. The type and amount of information you upload at this point affects your level of Pay-Away.

3.) Document Library

View the latest version of the Pension Works Terms of Business and other important documents.

4.) Company Admin

Manage your company information, address and user accounts for the Pension Works Introducer Portal.

Frequently Asked Questions

Who is responsible for the advice?

All our Advisers are directly employed by Pension Works and we accept full liability for the Advice that we provide.

What timescales can I expect on a case?

Our internal systems and teams are highly efficient. By deploying our bespoke software, our resource of over 15 paraplanners, and specific liaison teams, we can process cases extremely effectively and meet deadlines wherever possible.

Can you accept higher volumes of referrals?

Our operation is specifically designed to cater for high volumes of referrals whilst maintaining high levels of customer service.

What investments do you recommend?

Asset allocation is one of the most important investment decisions. It determines how portfolios will be positioned for the long term and exactly how it can capture opportunities and respond to the risks. For this reason, we outsource asset allocation decisions to the investment manager whilst ensuring the portfolio is aligned to the client’s agreed risk profile.

Our approach is to identify a panel of ready-made multi-asset funds that are aligned to our chosen risk rating system, and are available through our selected pension providers at a low cost.

There are a number of different types of investment solutions to consider, ranging from multi-asset funds to model portfolios through to full DFM solutions. There are also different investment styles, such as passive and active management.

Can I determine where funds are invested?

We do what we can to cater for preferences within the boundaries of our advice but cannot guarantee the outcome of the Advice process.

Can I refuse my Pay-Away?

Yes. Introducer fees can be sacrificed and deducted from the client fee at your request.

Work with Pension Works