The 3 Stage Pension Transfer Process

The aim of pensions transfer triage is to give a prospective client sufficient information about safeguarded and flexible benefits, to help them decide whether or not to take advice on the transfer or conversion of their pension.

The requirement for this came into being on 1st October 2020 as mandated by the Financial Conduct Authority (FCA).

Triage is not advice, however. It is the first of 3 stages of a pension transfer enquiry process.

Here’s our process covering the 3 stages:

Stage 1 – TRIAGE

Upon enquiry we’ll check if you have our minimum investment value of £650,000.

Next, we’ll send you a brochure to explain the different types of pensions including information about the State Pension.

At this stage we’ll book a 45 minute Discovery Meeting to find out the reasons why you are considering transferring your company pension.

If upon consideration you wish to look into this further you move onto Stage 2 – Abridged Advice

There is no charge for this stage.

Stage 2 – ABRIDGED ADVICE

Using our cashflow planning system, we shall show you whether you can achieve your retirement objectives from your existing scheme.

There can only be 2 outcomes of this meeting:

1. Our advisors recommend you stay in your existing pension scheme. Or,
2. We recommend you proceed to Stage 3 – Full Advice.

There is no charge for this stage.

Stage 3 – FULL ADVICE

At this stage we look into your situation and needs in much greater detail.

We also do a comparison of benefits from your current scheme against a personal pension. To aid our analysis we carry out full cashflow planning.

There is a fee of £7,000 for this stage, regardless of whether our advisors recommend you to transfer your pension or to remain in your existing scheme. If the recommendation is to transfer this fee may be taken from your investments.

If you’re considering a pension transfer call us now on 0121-355-4455 or email us at appointments@oaklandswealth.com to receive your triage pack.