ATEB Template

Start with the ATEB template named ‘Pension Switch Template’. You will find this in the ‘Sample Templates’ tab on the ‘Templates’ page.  The template has been pre-populated with basic information that is not client specific (see table 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 the table below under the column ‘to be considered’ when modifying or creating templates based on the ATEB version.


Test Template

You may not 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 need to amend the template further.  Repeat this testing process until you have a template which enables full client specific personalisation but contains common standard content.  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 Ltd does not accept legal or regulatory responsibility for the contents of the template.


ATEB suitability Section

ATEB template defaults

To be considered

Getting Started

 

 

Report Details

Defaulted to individual (single) client

 

 

Report Title: Recommendation to Switch your Personal Pension

 


Advice Area: ‘Retirement Advice’



Covering Letter: defaulted to ‘No’

Amend as required

 

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

Consider whether more fields can be added to the template

Introduction to Advice

Sections included:

  • Background to our Meeting
  • Agreed Objectives and Priorities
  • Attitude to Investment Risk

You may want to include further sections as standard, for example ‘Summary of Advice’ or ‘Current Personal and Financial Circumstances’.

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

 


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

 

Objective used: ‘Review your current pension arrangements - You would like to review your existing pension plans to determine whether your pension arrangements remain suitable and on track to meet your retirement objectives.’ 

Amend as necessary

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 switch advice

Consider whether to use an in-house standard paragraph

Retirement Advice

 

 

Foreword to Advice

Pre-populated with suggested text

Amend this text; or

delete to allow for case-by-case personalisation

Recommended Plans

 

 

Plan 1

This is the existing pension from where the benefits are being switched.


Plan Builder

Set to Existing Defined Contribution Plan or Annuity

 

 

Product: Personal Pension

 

Plan Details

Review outcome is to ‘Switch this pension to another provider.’

Amend as necessary


Actions applicable to this plan set to ‘Pension Switch’ as default. 


Recommendation Reasons

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

Please note - reasons outlined should be relevant to the suitability of the action taken (i.e. advice to switch only) not the new plan recommended

Consider if further standardisation required for the template

Potential Disadvantages

Blank to allow for case-by-case personalisation

Please note - disadvantages outlined should be relevant to the suitability of the action taken (i.e. advice to switch only) not the new plan recommended

Consider if further standardisation required for the template

Situation on death

Assumes current death benefit options have been discussed with client.

Nominated beneficiary set to ‘No’

Amend as necessary on a case-by-case basis

 

Personal Pension Switch Comparison

Default options used. 

Amend as necessary

Discounted Alternatives

Blank

To be complete on a case-by-case basis

Further Considerations

Blank

To be complete on a case-by-case basis 

Plan 2

This is the new plan into which benefits are being transferred


Plan Builder

Set to New plan



Provider: Blank

 


Product: Personal Pension



Remaining fields blank

 

Consider if further sections are required for the template

Plan Details

Action applicable to this plan set to ‘lump sum contribution’ (transferred funds) and ‘source of contributions’ (Personal Pension) as default. Remaining fields left blank to allow for case-by-case personalisation

Amend as necessary


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

Discounted Alternatives

Blank

Consider if any options can be added as standard to the template

Further Considerations

Blank

Consider if any options can be added as standard to the template

Retirement Plan Charges

Default to question; ‘Do you wish to include a breakdown of charges? set to ‘Yes’

 


Product selected: x 1 existing Personal Pension & x 1 new Personal Pension

 


Assumes further information about advice charges included within Cost of our Services section 

 

Investment Strategy Recommendation

Assumes Investment Strategy Recommendation relevant to New Personal Pension plan only

 


Preferred investment approach set to default option

Amend as necessary


‘Include Fund Performance’ defaulted to ‘No’

Amend as necessary


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

Consider if further standardisation required for the template

Planning Ahead

Sections included:

  • Wills
  • Power of Attorney

You may want to include further sections as standard.

Wills

Blank

Consider if any options can be added as standard to the template

Power of Attorney

Blank

Consider if any options can be added as standard to the template

Important Information

Sections included:

  • Cost of Our Services
  • Regular Reviews
  • Changes in Your Circumstances
  • Emergency Funds
  • What Happens Next
  • Client Declaration

You may want to include further sections as standard

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)

Changes to Your Circumstances

Default text selected

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

Emergency Funds

Blank

Amend as necessary

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, defined benefit transfer reports should include this declaration

 

Appendices

Assumes ATEB Glossary of Terms to be included within the report. 



Consider whether any customised appendices should be included as standard.

 

Glossary

Default options selected

Amend as necessary

Risk Warnings

Default options selected

Amend as necessary