ATEB Template

Start with the ATEB template named ‘Pension Switch Template’. You will find this in the ‘Sample Templates’ tab within ‘Templates’.

The template has been pre-populated with basic information that is not client specific (see Table 1 below).


Firm Specific Template

Create your own version of the template using the ‘Duplicate Template’ button. Give it a meaningful name.

Modify the template to make it firm specific, for example by adding company and/or adviser details.

Consider the comments in Table 2 below under column ‘to be considered’ when modifying or creating templates based on the ATEB version.


Test Template

It is unlikely that you’ll get the template right first time. Therefore, once the template is created, use it to generate a client specific test report.

Based on the generated report, you may well need to amend the template further.

Repeat this testing process until you end up with as standard a template as possible but one which allows for full client specific personalisation.

The time spent here will save hours going forward.


Important Notes

•This template is for recommendations pertaining to switching from a personal pension to a personal pension; it is NOT designed to be used for Occupational Pension Transfer recommendations.

•Care should be taken when preparing this template due to the regulatory risk associated with this type of transaction.

•Prior to use, your template should be checked by your compliance department or compliance consultant.

•This template is provided only as a guide. ATEB IT Solutions does not accept legal or regulatory responsibility for the contents of the template.


ATEB suitability Section

ATEB template defaults

To be considered

Getting Started

 

 

Basic Client Details

Defaulted to individual (single) client

 

 

 

Remainder of section blank to allow for case-by-case personalisation

 

 

Covering Letter Information

Report Title: Recommendation to Switch Personal Pensions

 

Amend as required

Covering Letter Preamble

Example text used as default

Amend this text; or

delete this text and set up and select a suitable standard paragraph

 

Risk Warnings & Other Important Information

Example text used as default

As above

 

Remainder of section blank to allow for case-by-case personalisation

 

Consider whether more fields can be added to the template




Report Builder

Sections included:

 

Introduction to Advice

- Background to our Meeting

- Agreed Objectives and Priorities

 

Recommendations

- Retirement Advice

 

Important Information

- Cost of Our Services

- Regular Reviews

- Your Rights

- Changes in Your Circumstances

- Budget and Affordability

- What Happens Next

- Client Declaration

 

Appendices

- Glossary of Terms

- Attitude to Risk Definitions

 

You may want to include further sections as standard, for example an option under the ‘Planning Ahead’ title




Introduction to Advice

 

 

Background to Our Meeting

Bespoke ‘Other’ default text used under ‘Who contacted who’

 

Amend this entry as necessary

 

Assumed client is not elderly or vulnerable

 

 


High level, basic background reason for advice entered as default, with emphasis on importance of understanding the report given the transaction in question

 

Amend this text; or

delete this text and set up and select a suitable standard paragraph


Assumed that disclosure documentation will be included with the report or has previously been issued

 

Do not pre-populate and enter on a case by case basis


No disclosure documentation pre-ticked

 

As above

Agreed objectives and priorities

Comprehensive (full) review assumed and that no limits were placed on the scope of advice

 

Amend as necessary

 

Standard objective used – ‘contribute to a pension to help fund retirement’ with a suggested sentence finisher.

 

Amend as necessary

Retirement Advice

 

 

Section Builder

Sections included:

 

- Attitude to Risk

- Investment Strategy

- Funds Recommended

- Platform

- Charges

 

Amend the sections you want to include in your template

Foreword to Advice

Pre-populated with suggested text

 

Amend this text; or

delete to allow for case-by-case personalisation

 

Attitude to Investment Risk

Default introduction to risk paragraph pre-selected

 

Consider whether to use an in-house standard paragraph

 

ATR category blank to allow for case-by-case personalisation

 

 

 

Assumed no change in client ATR from previous rating

 

 

 

Default introduction to capacity for loss pre-selected plus additional text for pension switching advice

 

Consider whether to use an in-house standard paragraph

 

Capacity for loss discussion not pre-selected to allow for case-by-case personalisation

 

Consider whether an in-house standard is required

Investment Strategy

Blank

Templates could be created for different strategies but will require some case-by-case personalisation

 

Funds Recommended

 

Blank, to be completed on a case-by-case basis

Templates could be created for different strategies but will require some case-by-case personalisation

 

Platform Recommendation

Blank

Templates can be created ‘per platform’ by entering information in this section

 

Charges

Assumes that a table of charges will be used (compiled from the plan recommendation section)

 

Amend as necessary

 

Assumed that a Cost of Service section is included in the report

 

Amend as necessary




Recommended Plans

 

 

Plan 1

This is the existing pension from where the funds are being switched

 

Plan Builder

Set to Existing Plan

 

 

 

Provider blank

 

 

 

Product: Personal Pension

 

 

Could be left blank and completed on a case-by-case basis

 

Personal Pension Switch Comparison and Critical Yield A/B Comparison sections ticked for inclusion

 

Consider if further sections are required for the template

Plan Details

Review outcome is to ‘transfer funds to a different provider’

 

Amend as necessary

 

Remaining fields blank to allow for case-by-case personalisation

 

Consider if further details can be added as standard to the template

Plan Features

Enhanced and Primary Protection set to ‘No’

Amend as necessary on a case-by-case basis

 

Situation on death

Nominated beneficiary set to ‘No’

Amend as necessary on a case-by-case basis


Personal Pension Switch Comparison

Blank

 

 

To be complete on a case-by-case basis

Critical Yield A/B Comparison

Blank

 

 

To be complete on a case-by-case basis

Charges

Blank

Set any default charges applicable across the firm e.g. initial and/or ongoing adviser charge

Plan 2

This is the new pension into which the funds are being switched

 


Plan Builder

Set to New plan

 



Provider blank

 

 


Product: Personal Pension

 

 

Could be left blank and completed on a case-by-case basis


Remaining fields blank

 

 

Consider if further sections are required for the template

Plan Details

Action applicable to this plan set to ‘source of funds’ as default

 

Assumed that no regular or lump sum contribution are to be included in this advice

 

Amend as necessary

 

May need case-by-case completion


Source of funds mainly blank

 

To be completed on a case-by-case basis

 


On target for retirement – default ATEB text used

 

Amend this text; or

select standard option


Policy Cancellation blank

 

Consider if default entry to be used for template; or

to be completed on a case-by-case basis

 

Plan Features

Default options used

 

Amend as necessary

Situation on Death

Default options used

 

Amend as necessary

Recommendation Reasons

 

This section left blank to allow for case-by-case personalisation

 

Consider if further standardisation required for the template

Potential Disadvantages

Blank

 

 

 

Add in all specific potential disadvantages required for the template

Charges

Blank

Set any default charges applicable across the firm e.g. initial and/or ongoing adviser charge




Important Information

 

 

Cost of Our Services

Blank

 

 

Set any default charges applicable across the firm

Regular Reviews

Default entries used

 

 

 

It is assumed that a regular review service will be implemented (or is in place)

 

If this is not the case, de-select this in the Report Builder section of the template (see above)

Your Rights

Standard ATEB text selected

 

Delete this and set up and select a suitable standard paragraph

 

Changes to Your Circumstances

Default text selected

Consider whether this meets your needs or whether amended text or a suitable standard paragraph is required

 

Budget and Affordability

Suggested ATEB text used

 

Amend as appropriate or remove section from the template by de-selecting section in Report Builder (see above)

 

What Happens Next

Blank

 

Amend as necessary

 

Client Declaration

Some default options selected, otherwise blank

 

Complete all other declaration options required for the template

 

ATEB suggests that given the nature of the transaction, pension switch reports should include this declaration

 

 

Appendices

For information, both a Glossary of Terms and a list of Attitude to Risk Descriptions will be included in the appendices