Selectapension, a leading provider of online pension transfer comparison and retirement planning tools for Advisers, has announced the introduction of enhanced versions of its online calculators, that will allow Advisers to run RDR-friendly pension switching analyses for the first time.
The new ‘Remuneration’ screen can accommodate whatever fee arrangement has been agreed between the Adviser and the client. Fees may be paid separately from the products or taken via a combination of fee types based on the premium, the fund or a combination of both by specifying either a percentage or an amount or, again, a combination of the two. The new versions of the calculators ensure Advisers are able to use fee options in line with RDR rules early, but will also allow them the option to continue with the current commission based structure in the lead up to 2013.
The RDR friendly enhancements will allow Advisers to run reports with a variety of premium and fund-based charging structures when performing transfers for Money Purchase, Defined Benefits, Provider Comparison, and Income Drawdown analyses on the Selectapension system.
Ready before 2013
Andy McCabe, Managing Director, Selectapension said: “We know that many Advisers already have a lot on their plates at the moment, so we wanted to make Selectapension’s new RDR friendly pension switching tools as intuitive and client facing as possible. Advisers can now examine different RDR-friendly charging structures well ahead of the January 1st, 2013 deadline.
“Using our enhanced software, Advisers can now demonstrate increased transparency and begin to discuss the implications of RDR with clients, using our reports, making the system an invaluable aid in the ever increasing requirement for RDR compliance. Plus, as with all of our online software tools, the analyses can be re-run and saved without the need to re-enter all of the client’s information”.
In November 2011, Selectapension surveyed over 150 system users and found that only in the second half of 2012 do most Advisers anticipate that they will be working to RDR-friendly business models.
Andy McCabe continued: “Our system users have told us that devising RDR-friendly business models will be their priority for the later part of 2012. With the help of our enhanced calculators, we aim to help them achieve full readiness with time in hand.
“RDR is not the first and will not be the last major change that Advisers will have to react and adapt to – our aim is to provide them with a robust, flexible, transparent function that will ease any transition into the new RDR friendly world of 2013 and beyond.”