A unique pension transfer software
system for forward-thinking
financial advisers.

Software: Frequently Asked Questions

Quick Jump:

What is the Pension Performance Review Process?

The Pension Performance Review Process is a software package that facilitates the provision of a Pension Performance Review service to clients. The aim of the Pension Performance Review service is to provide clients with a complete and comprehensive analysis of their existing pension arrangements, analyse whether a transfer of pension benefits to another provider is beneficial and provide ongoing investment advice through the use of model portfolios. This is all produced in a market leading, complete end-to-end software solution.

What aspects does it cover?

The Pension Performance Review Process covers almost every aspect of a client’s pensions and how their personal circumstances interrelate with their pension requirements. The key features of the software are:

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Is there anything it doesn’t cover?

Yes. There is no provision for analysing final salary schemes and the software is not suitable for advising on the transfer of USP (drawdown) policies.

How does the software get the fund data?

All fund data within the software are inputted by the user and not fed from any external source. Fund and portfolio data are updated by the user twice monthly to ensure all necessary areas are kept up to date. This takes around 30-45 minutes per month. Users are responsible for maintaining their software so it remains up to date. Updated versions of the Pension Performance Review Process software are issued periodically and may increase functionality, improve client reporting and account for any regulatory changes. Updates to the software are not designed to update fund or portfolio data.

How is this better than other pension transfer systems?

During construction of the Pension Performance Review Process, significant research was done into other pension transfer systems already on the market. These range from a two-page critical yield analysis to somewhat more detailed systems. However, we are unaware of any other software system which produces such in-depth analysis and states the adviser’s recommendation to the client. Other systems simply do the analysis and need an additional suitability report to accompany them. As far as we know, the Pension Performance Review Process is the only complete end-to-end pension transfer system available that negates the need for any additional reporting to the client.

So are you saying that I don’t need to write an additional suitability report for each case?

Yes, we believe there is no need for an additional suitability report when using this software as all aspects are covered by the reports. The system will automatically analyse specific aspects of the client’s data, policy information and other factors to produce client specific justifications for the recommendations given and produce fully client specific reports. If you are presenting these reports to the client in a face-to-face meeting (which we would advise), there should be no need for any form of additional suitability report or covering letter outlining reasons why recommendations have been made.

So what reports will the client actually get?

Initially, the client will complete a 'Pension Performance Review Risk Profiling & Pension Priorities Questionnaire'. The client will then receive four bespoke reports. The first is the ‘Investment Policy Statement’ which outlines how the process will work and how they have been risk rated and outlines their and your responsibilities. The second is the ‘Pension Performance Report’ which covers all aspects of the potential pension transfers. The third report is the ‘Investment Report’ which gives details of the precise portfolio you are recommending and reasons why the recommended provider has been selected. Finally, you may use the ‘Pension Projection Report’ which will show a range of projected fund values at retirement and any shortfall required to be made up. There is then the ongoing quarterly ‘Portfolio Update Bulletin’ which can be used to regularly update your clients as to the performance of their pension investments.

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Does it take a long time to put a set of reports together?

Like any software, the more you use it, the quicker you will be able to produce the reports. Once all the necessary information is collected, it should take around 2-3 working hours to write a case in total once you are familiar with the software and have all necessary client and provider information to hand (although this depends on the complexity of the case). Once you are familiar with the software, a very simple case may take no more than 45 minutes from being in receipt of all necessary information to having client reports on screen. More complex cases involving many policies and funds may take several hours. You will also need to update the system twice a month with fund and portfolio data. This should take around 30-45 minutes per month.

Do you have example client reports I can have a look at?

Yes, a full set of example Pension Performance Review client reports can be found in the Document Download section of our website.

Do the reports really need to be that detailed?

‘No’, they don’t have to be that detailed. But the Pension Performance Review Process is designed to be a sophisticated and comprehensive system to provide your clients with the best analysis and reports available. Unlike most other pension analysis tools, the Pension Performance Review Process is designed to give clients an overview of their current pension situation before explaining any advice. Each area of the client reports is fully explained with the use of text, charts and diagrams to ensure the client has a proper understanding of their situation and options. We strongly believe that a well informed client is most likely to act on any advice given. The Pension Performance Review is a premium service which we believe can generate a higher income for your practice through the fees or commission structure you adopt.

I think using a simple transfer analysis system and writing a reason why letter is far simpler. Why should I use this software?

You may think this would be quicker and simpler but remember that you have to write a bespoke suitability report each time you recommend a pension transfer and ensure you have covered all the necessary factors. Research and reporting on pension transfers can take significant time if done properly and comprehensively and there are dangers that crucial information could be inadvertently excluded from the analysis unless a systematic approach is adopted. Another reason for using the Pension Performance Review Process is that it will provide your clients with sophisticated and consistent high quality reports rather than a series of unconnected print outs from various systems. The Pension Performance Review is offered as a premium service, offering a complete analysis of your client’s current pensions and regular detailed reporting. The quality and consistency of the reporting is therefore crucial to the process and means you are able to be suitably remunerated for a high quality service. By having a process in place, you can provide a repeatable service to your clients helping you meet TCF requirements.

What type of client is the Pension Performance Review most suited to?

The Pension Performance Review is ideally suited to clients who are concerned about their pensions and are looking for a complete review. Clients should have expressed an interest in the benefits of a wrap proposition in relation to their pensions in discussions with you as their financial adviser and be keen to explore the opportunities a wrap could provide.

So if your software does not compare all the providers, how do you know this is the best option for your clients?

With the advent of wraps, advisers are now realising that the provider is less important than the funds your clients will have access to. Many advisers are now moving their clients to their chosen wrap provider or providers, which they believe offer the best service for the price. You should satisfy yourself that one of the recommended provider panel is your preferred provider for wrap based pension transfer business before adopting the Pension Performance Review Process. You will need to document and justify your decision.

What level of computer skills do I need to operate the system effectively?

Familiarity with Microsoft Office (Word and Excel) is desirable. If the instruction booklet is followed, only a basic understanding of these programs is necessary such as understanding how to open, close and save files and enter data. The Pension Performance Review Accelerator training course will go over many of these basic skills to aid those less familiar with these programs.

What other experience, knowledge or skills do I need?

Pension transfers are in a complex area of financial service advice and as such, any adviser wishing to use the Pension Performance Review Process should ensure they have an appropriate level of knowledge and expertise in this area, although much of this will be covered within the training course. Although the software will take the user through the transfer process in a step-by-step process, it is important to have an in-depth understanding of pensions and pension transfers. For those advisers wanting to utilise the Pension Performance Review Process for occupational transfers, appropriate qualifications such as G60/JO4 (or equivalent) are required or provision must be in place for associates with these qualifications to sign off any occupational transfers. As the Pension Performance Review Process also covers ongoing investment advice, any adviser wishing to use the system must be knowledgeable in the area of collectives within pensions and be confident in advising on portfolio recommendations. Reliance on outside investment recommendations must be done with caution as all initial and ongoing fund recommendations remain the sole responsibility of the Pension Performance Review Process user.

Is the Pension Performance Review Process fully compliant?

Most of the major networks have had sight of the Pension Performance Review client reports and have ‘approved’ the reporting process. Clearly, the use of the software and client reports generated is specific to each client and therefore no blanket approval can be granted by any network compliance team. Each user of the Pension Performance Review Process software remains responsible for ensuring they adhere to any compliance requirements in relation to the Pension Performance Review in line with their own procedures.

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What editions of the Pension Performance Review Process are there?

Each edition of the Pension Performance Review Process is compatible with a specific provider only. At present there are two editions:

  1. Novia
  2. Skandia Life / Skandia Investment Solutions

A single edition can be purchased or you may opt for multiple editions to run concurrently.

Why does the software only work with a handful of providers?

The Pension Performance Review Process only currently operates with a select few providers. Every provider must demonstrate the flexibility, functionality and ability to ensure their wrap works effectively with a Pension Performance Review approach. Each provider is carefully considered and detailed investigations are done into every aspect of any provider considered to ensure they are completely suitable for the Pension Performance Review Process.

What If I don’t want to use Novia, Skandia or SIS, but Transact or another provider?

The software is set up for use with Novia, Skandia and SIS and would require extensive modification to be used with another provider. This modification may be able to be undertaken and provided to you as a bespoke offering at an additional cost. We are looking to broaden the general functionality to include a range of other wrap providers in the near future.

Can I have a trial of the software?

Unfortunately not. As the system uses MS Word and Excel files, there is no way to protect the files for a trial version at present although we are looking to offer trial versions in the near future.

How much does it cost?

There is a monthly cost of £85+VAT per month for the complete software package with a minimum 6 month contract period. Licences are issued per adviser (registered individuals using the Pension Performance Review Process to present to their clients) so multiple licences may be required should you have more than one adviser within your practice using the process for their clients. Additional licences can be purchased at a monthly cost of £50+VAT. The software can be installed and run on as many computers as required with a single licence.

What about updates to the software?

Our developers are constantly working on improving the software. This includes increasing functionality, improving input procedures, enhancements to client reports and regulatory updates. When we deem sufficient improvements have been made, we will send out an update to all users. Currently, updates are issued via CD. Updated software versions are issued as and when sufficient improvements have been made. This tends to be around two or three times a year currently.

What other software/hardware do I need to use this software?

The Pension Performance Review Process requires Microsoft Office (Word and Excel) to run. Any recent version (2000, 2002 (XP), 2003 or 2007) should be suitable. The software is fully compatible with the latest operating systems and will operate on any Windows system from Windows 2000 through to Windows 7. There are no minimum system requirements as far as hardware goes – as long as your computer can run Microsoft Office, there should be no problem (however, quicker computers will run the software more speedily). As a guide, a computer with a 2Ghz processor and 1GB RAM should be sufficient to run the software at a decent speed and at least 500MB of hard drive space is required for installation. . You will also require a fund data source with volatility or risk data. Programs such as Fund Manager from Synaptic (£57+VAT per month) and other similar products are available. Ideally, the data source would have a monthly (as opposed to daily) update facility as this works most effectively with the Pension Performance Review Process.

Will the software work with Office 2010 and/or Windows 7?

The Pension Performance Review Process is not yet compatible with Office 2010. We aim to have a compatible version available shortly. The software is now fully compatible with both 32bit and 64bit installations of Windows 7.

What about monitoring the portfolios and reporting to my clients?

Included with the Pension Performance Review Process software is the Portfolio Update Bulletin which is a document you can use to inform your clients as to the progress of their investment. All advisers will remain responsible for their own investment recommendations when using the Pension Performance Review Process. For advisers looking to outsource their ongoing investment decisions, we also provide the 'Portfolio Update Bulletin Service'. This is specially designed to work with the Pension Performance Review Process and provides a customised quarterly investment update document to each subscriber. This document provides ongoing investment recommendations covering the five model portfolios.

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Can you provide help with my marketing strategy to find new clients suitable for the Pension Performance Review?

We have various means to help you find new high quality clients for your Pension Performance Review offering which we are more than happy to share with you. These include a full appointment making service, information on starting your own appointment making team and client marketing booklets specifically focussed on the Pension Performance Review. If you would like further information on these strategies and services, following the training course, please call us on 023 8089 2333 or use our Web Contact Form.

Can I see the software in action?

Yes - there is a video demonstration available here. Alternatively, for a one-to-one tour of the Pension Performance Review Process software, please call us on 023 8089 2333 or use our Web Contact Form to book a live web demo.

What if I need more help using the software?

Full telephone support is available by calling 023 8089 2333. We reserve the right to charge £1.50+VAT per minute (with a minimum charge of £22.50+VAT) for any aspect of the Pension Performance Review Process that requires support. This includes help using the software, bespoke changes to your software template or any other issue you need help with. For all telephone support issues, please contact one of our support team.

How can I get further information on this?

If you still require further information or have further questions on the Pension Performance Review Process, please e-mail us using our Contact Us Form or call 023 8089 2333.

How do I go about purchasing the software?

Please call 023 8089 2333 or use our Web Contact Form to order your software on CD.

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