If you're seeking advice in relation to pension transfers and other complex pension matters, Niche Pension Specialists are uniquely qualified to help you make an informed decision.
We are authorised and regulated by the FCA, have been awarded Corporate Chartered Status by the CII and have been granted the Pension Transfer Gold Standard by the PFS. Plus, with over 35 years of combined retirement planning experience, our team of pension transfer specialists are here to help ensure a comfortable and fulfilling retirement.
Stage 1: Triage
For you to decide if you truly need to pursue regulated independent financial advice on a potential transfer of your pension, you’ll first need to go through the “triage” stage. Here, you’ll be invited to watch a short video explaining the benefits and drawbacks of transferring your pension. This has been designed in order to help you make an informed decision as to whether you really need advice or not. This stage is a mandatory requirement for everyone considering a pension transfer. We cannot proceed unless the video has been watched and you feel you still wish to enter the advice process.
Stage 2: Data Capture Form
If you are happy to proceed beyond the Triage stage, you will then be asked to complete a Data Capture Form. This is an online form which enables you to provide all your personal details including all sources of income and other savings or investments. We will also ask you to provide an estimate of your income and expenditure both now and in retirement, as well as consider your goals and aspirations both now and in the future. Please note, our Data Capture Forms possess an Extended Verification SSL Certificate which is the highest level of security available online.
Stage 3: Attitude to Transfer Risk Questionnaire
The next stage involves you completing our Attitude to Transfer Risk questionnaire. This is designed to challenge your thinking around pursuing a transfer and whether you have the financial capacity to pursue this course of action. Typically, we’ll send this questionnaire to you in PDF form via email. You can then print this out, complete it within the comfort of your own home, and return it during your next meeting with us. We cannot proceed unless this stage has been completed.
Stage 4: Attitude to Investment Risk Questionnaire
If you wish to proceed to the next stage in the process, we will need to assess your Attitude to Investment Risk. For this we will provide you with a secure link to an external online questionnaire, the results of which will allow us to establish an appropriate investment solution should a transfer proceed. Again, you can complete this at your convenience within the comfort of your own home.
Stage 5: Analysis
Once all the information from the previous stages have been received and we are satisfied that we fully understand your future requirements, we will then proceed to the analysis stage. Here, we will analyse your agreed future requirements and determine whether these can be achieved using your current financial arrangements or whether a transfer is in your best interest.
We will always start the advice process assuming that a pension transfer would not be in your best interest, and we will seek to find a solution for you that does not involve a pension transfer.
If this is not possible, we will look to pursue a pension transfer. However, a pension transfer must result in you being demonstrably better off as well as being able to meet your financial objectives without exposing you to levels of risk outside of your capacity.
As part of this analysis, we will consider the effects of a pension transfer along with a suitable provider even if the advice is negative.
Stage 6: Results
Following a detailed analysis, we will produce an advice pack which will contain a full Appropriate Pension Transfer Analysis, including a variety of lifetime cashflow plans under various circumstances. These cashflow plans will project your future financial needs, as well as your incomes and expenditure, in order to measure whether the plan suggested can meet your needs and objectives over the longer term following this advice. As part of this analysis, you will also be provided with a Transfer Value Comparator. This will calculate the approximate market value of your pension benefits if purchased on the open market.
At this stage, if the advice to transfer your pension is negative, the process will cease. If you feel that the advice does not reflect your wishes or meet your objectives in the way expected, then we can discuss your options further in a follow up conversation. This could involve signposting you to alternative arrangements if required.
If the advice to transfer your pension is positive, we will offer a further recommendation within our report. This will include the most suitable provider for you and a recommendation of the most appropriate funds to meet your objectives. If you wish for us to implement this recommendation and assist with the transfer of your pension to an appropriate provider, additional costs will be involved.
Following the completion of the 6-stage process, Niche Pension Specialists will not be able to provide an ongoing advice service. If you would like or require an ongoing advice service, we will introduce you to our sister company. They can provide you with an ongoing advice service and offer independent fixed fee financial advice tailored to your situation.