Defined Benefit Recommendation to Retain Template - FULL ADVICE

Modified on Sun, 15 Nov 2020 at 08:43 PM

ATEB Template

Start with the ATEB template named ‘Defined Benefit Recommendation to Retain Template - FULL ADVICE’. 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 transferring from a Defined Benefit Scheme; it is NOT designed to be used for recommendations pertaining to switching from a Defined Contribution Plan.
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	Amend as required
	Report Title: Defined Benefit Scheme Review	Amend as required
	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: Defined Benefit Review – Summary of Advice About Your Firm Background to our Meeting Current Personal and Financial Circumstances Agreed Objectives and Priorities Attitude to Investment Risk	You may want to include further sections as standard.
Defined Benefit Review – Summary of Advice	Question ‘Are you recommending the client retain or transfer the scheme?’ set to ‘Retain’
About your Firm	Assumed ‘focussed independent advice’ provided	Amend as necessary
Background to Our Meeting	Bespoke ‘Other’ default text used under ‘Who contacted who’	Amend as necessary
	Assumed client is not elderly or vulnerable	Amend as necessary
	Assumed that disclosure documentation will be included with the report or has previously been issued
	No disclosure documentation pre-ticked	Consider whether any documentation can be selected as standard.
Current Personal & Financial Circumstances	Summary of the Client(s) Current Personal and Financial Circumstances	Complete on a case by case basis
	Personalised Paragraph about Current Personal and Financial Circumstances pre-ticked	Complete on a case by case basis
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 occupational pension benefits to determine whether they 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
	Default ATR category used	Amend as necessary
	Assumed no change in client ATR from previous rating	Amend as necessary
	Default introduction to capacity for loss pre-selected plus additional text for pension transfer advice	Consider whether to use an in-house standard paragraph
	Describe capacity for loss section left blank	Complete on a case by case basis
	Default introduction to transfer risk paragraph pre-selected	Consider whether to use an in-house standard paragraph
	Client’s attitude to transfer risk conclusion/outcome assumes a transfer would not be suitable.
Retirement Advice
Foreword to Advice	Blank to allow for case-by-case personalisation	Consider whether any default text is appropriate
Annual Allowance and Carry Forward Considerations	Default to question: Include Annual Allowance and Carry Forward Considerations section? set to ‘No’	Consider whether a default of ‘Yes’ appropriate and whether any further standardisation required
At Retirement Alternatives	Blank
Recommended Plans
Plan Builder	Set to Existing Defined Benefit Scheme or Other Occupational
	Product: Defined Benefit Scheme
Plan Details	Review outcome is to ‘retain this scheme with no changes.’
	Actions applicable to this plan set to ‘Retain Scheme (no change)’
Recommendation Reasons	This section left blank to allow for case-by-case personalisation	Consider if further standardisation required for the template
Potential Disadvantages	Blank to allow for case-by-case personalisation	Add in all specific potential disadvantages 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
Discounted Alternatives	Blank	To be complete on a case-by-case basis
Further Considerations	Blank	To be complete on a case-by-case basis
Retirement Plan Charges
	Default to question; ‘Do you wish to include a breakdown of charges? set to ‘No’
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
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