Pension Switching

Switching pension providers – missing information, delays and stacks of paperwork to review? It’s a headache isn’t it. We make the pension switching process easy for you.

We carefully evaluate each plan, examining the details to uncover features like enhanced tax-free cash or protected retirement ages, which providers may not always disclose clearly. If something doesn’t look right, we won’t accept information at face value. Our thorough approach ensures your pension switching advice is in good hands.

We’ll help you find a better pension and use our software to compare projected fund values effortlessly. No need for your own software!

We base our advice on current FCA guidance and FOS cases, providing strong justification for any changes to your clients’ existing arrangements. Pension switching can be time-consuming and fraught with compliance challenges. Outsourcing this complex process saves time and minimises frustration.

Bear in mind we do hundreds of pension switching cases every year. We’ve seen so many different types of legacy plans that we know many of them very well, whereas you might only come across one once in a blue moon. Let us use our expertise to take the hassle out of this type of advice, so you can concentrate on planning your clients’ future retirement.

We can help with:

  • Providing a thorough list of what we need to know from the current provider.
  • Filling in any gaps, if the provider hasn’t answered all the questions.
  • Analysing the features, benefits and drawbacks of each pension, checking for any valuable protections or safeguarded benefits.
  • Questioning anything that doesn’t look right.
  • Assessing the differences in projected fund values.
  • Weighing up whether the client should keep their plan or move it.
  • Working with you to help shape the advice, acting as your sounding board.
  • Writing the Suitability Report – clear, concise and checked in-house before you receive it.

Types of pension

We undertake analysis of all types of pension, including buy-out plans, EPPs, money purchase occupational schemes and more. The only exception is defined benefit pension transfer analysis and reporting, which we don’t offer.

Additionally, we offer help with Product and Provider research, Retirement Income Planning and Cashflow Modelling.

Case Study

Switching to a single plan

An IFA approached us to consolidate their client’s pensions into a single plan. Our research showed that the client had a protected tax-free cash entitlement under one of the plans, which was significantly higher than 25% of the value. The combined value of the other plans was therefore lower than anticipated, which resulted in a change to the recommended provider. The client got the benefit of their protected tax-free cash, and lower charges for the rest of their pension savings.

The Argonaut Approach

We provide outsourced paraplanning services including pension switching research, analysis and suitability reports.

Need help with pension switching?
Give us a call or pop us a message.