1 minute read

Technical Insight What happens during a transfer?

What happens

during a transfer?

Advertisement

We’ve put together some information which aims to give you and your clients a little more insight into the pension transfer process from a Transferring Scheme into a PSG SIPP scheme and what you and your adviser need to consider in order to help ensure a transfer goes smoothly.

What theTransferring Scheme does

Requests a pension transfer, the criteria for which is set by the Transferring Scheme and must be met

Respond to questions and information requests sent by the Transferring Scheme

Work to ensure all regulatory requirements are met as well as ours, as the Receiving Scheme, to then be able to receive a compliant transfer

Update Client and Advisor,when appropriate, on progress and confirm completion.

Initiates their internal transfer processes and carries out all necessary checks and due diligence on us as Receiving Scheme in order to ensure strict compliance with prevailing UK regulation on Transfers

Ask us any number of questions they see fit relating to the transfer

Once checks and processes are completed successfully, notify us of outcome.

What PSG does as the Receiving Scheme

Transfer is rejected by the Transferring Scheme

Outcomes

Transfer is arranged and completed by the Transferring Scheme For more information please refer to our Policy and Guide to understand what weare able to do and what everyone’s roles are.

View here

Common problems that can cause a transfer from a Transferring Scheme to be delayed or rejected

Excessive chasing by the Receiving Scheme that raises internal ‘Red Flag’ indicators of potential Pension Liberation Fraud

Transferring Scheme holding old or inaccurate client details that differ to those provided to the Receiving Scheme e.g. address

Inadequate proof of address provided by the Client or Advisor to the Transferring Scheme

How you can help us to ensure a faster pension transfer

Ensure you or your client’s personal information is fully up-to-date with the Transferring Scheme

Engage directly with the Transferring Scheme to ensure that what you or your client plan on submitting for proof of address will be accepted

Raise with us any additional requirements you or your client are aware of that the Transferring Scheme will need you or us to complete

This article is from: