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Technical Insight What happens during a transfer?
What happens
during a transfer?
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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