Guidance Notes

For advice or quotations for any type of annuity, with no obligation, please call one of our qualified advisors
0845 365 2410 quoting ref WS9
(Advisors are available Monday - Friday during normal office hours)

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I want a standard pension annuity quotation (includes fixed and variable rates).
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I want a quote for long term care annuity.
I want to discuss my annuity options with a financial adviser (no obligation).
I want advice regarding a pension transfer.

Guidance Notes

UKInsurancenet introduces pension transfer enquiries to one of its partner firms with which it has introducer arrangements in place. Each of these individual firm's own Terms and Conditions represent the legal interpretation of the service provided and must take precedence. However these notes will help you understand how individual cases are handled.

What kind of cases can be dealt with?
Currently, they are able to deal with most types of pension transfers. Even if the current scheme is subject to Inland Revenue Occupational Pension Scheme rules, our partners will probably be able to deal with it. These cases require the adviser to have recognised specialist qualifications, and to have the relevant extra Financial Services Authority permissions.

TYPE OF CASES WE ARE CURRENTLY ABLE TO DEAL WITH

OTHER SCENARIOS WE ARE CURRENTLY ABLE TO DEAL WITH

Scheme wind Ups
If you are a member of a scheme that is being wound up one of our partners should be able to help. They may also be able to act for a group of members, either collectively or individually.

Transfer to New Employers' Schemes
Very few new employers' schemes are now prepared to accept the additional liabilities of transfers-in from other schemes. In addition a review of this option can increase the work considerably, and would therefore be likely to incur additional charges.

Immediate Vesting
In general our partner companies do not support the practice of "unlocking" pensions early. This has been heavily criticised by the FSA, and a consumer alert on the issue has been published. However, they also appreciate that there are situations in which you might need to transfer the money to an individual plan to gain access to the pension scheme monies (pension or tax free cash) for legitimate reasons. These cases will be treated differently under a two stage process, as they will advise on the transfer, taking into account the immediate need and, if appropriate, transfer the benefits to an individual plan to facilitate immediate vesting. The actual taking of the benefits will then dealt with separately, including the purchase of any annuity. This area of advice would normally be handled by UK IFA NET Ltd, taking into account the client's wider financial planning needs.

Pension and Divorce Cases
These cases can only be reviewed where a Pension Sharing Order has been issued.

Non-UK Residents
Our partners are able to deal with clients who are non-UK residents, and who are wishing to transfer benefits from one UK scheme to another UK scheme; they do not advise on transfers to overseas pension schemes.

Ongoing Investment Advice
Normally our partner companies do not provide ongoing investment advice once a pension transfer has been completed. However it may be possible to arrange this for an additional fee.

Problem Obtaining Information from Schemes
Very occasionally, the occupational scheme administrators and trustees make it very difficult for advisers to obtain the information they need to provide advice. In these cases, if the commission option has been chosen, our partners reserve the right to charge an additional fee to cover the significant extra work involved.

You would be informed should your case reach this stage, and the you would be able to cancel the case at that time if you did not wish to pay this fee.

TYPE OF ENQUIRIES WE ARE CURRENTLY UNABLE TO DEAL WITH

Opting Out of Your Employer's Occupational Pension Scheme
If you are still employed by the employer who's scheme you wish to transfer benefits from, the following two conditions apply:

• You must have already left the scheme
• You must be unable to re-join the scheme

Execution only business
Our partners will NOT accept execution-only pension transfer business; it is necessary to go through the advice process when leaving an occupational scheme. However if you request to be treated as an insistent client they will, at their discretion, arrange a transfer for you even when they have advised against it.

To request a pension review please click here or call us on 0845 365 2410 quoting ref WS9 (09:00 - 19:00 hrs Mon-Fri) if you would an informal discussion about your requirements.

This site is for information only and does not constitute financial advice