Including check for potential loss of safe guarded benefits
Re-registration and transfers
If you are considering transferring assets to Fidelity Adviser Solutions, we are here to support you all the way. We’ll help you manage the whole process from start to finish. Moving clients to a new platform has historically been perceived as a time-consuming, labour-intensive task. So, we’ve completely reviewed our re-registration and transfer proposition to help make the process as simple and efficient as possible. Here you’ll find all the support you’ll need prior to, during and upon completion of any applications on behalf of your clients.
Benefits of working with us
- A fully compliant process supporting the requirements of the FCA’s Platform Market Study
- We only ask for client signatures if the existing provider requires a letter of authority
- We provide automated electronic transfers between fund managers and other platforms, allowing for a smoother process
- Our re-registration and transfer process is fully online.
- Support from our experienced and skilled transfer specialists
- Consultative engagement to help design and implement your bespoke transfer plan
- Continuous point of contact throughout your transfer project.
- Online illustrations are available, if required
- You can enter the acquisition costs once assets are re-registered to an Investment Account in order to receive capital gains reporting
- Re-registration and transfer tracking tool provided as an integral part of your clients' accounts.
- We support you by determining whether the fund/share class held by your clients are available on the platform and available for re-registration
- A bulk re-registration/transfer service, should you wish to move a book of business altogether.
Pension transfers can be requested as a ‘cash transfer’ or ‘re-registration’.
- Most cash transfers are processed more quickly than re-registrations, which can take considerably longer. However, the client is out of the market with a cash transfer. Therefore, where a greater transfer time is not an issue, re-registration can be a good option if you would prefer to keep the client invested.
- A cash transfer is where we request the assets held within the existing scheme are sold and the proceeds transferred to us as cash. Once received, we will invest the money in accordance to the investment strategy you stipulated in your online application, which can include using an advisory or discretionary model portfolio.
Skip to section
How a cash transfer works
The length of time it takes to complete a cash transfer will depend mainly on whether the current provider uses an electronic transfer system and how quickly they respond to our requests for information.
Most leading providers use the Origo system to facilitate the transfer, which means the pension can be transferred electronically without needing client signatures. In the event the existing provider does not use Origo, then the transfer will need to be processed manually and paperwork will be required. Where we know a provider does not use Origo, a letter of authority will be provided and this will need to be signed by your client. However, it is always good practice to check with the ceding provider as to whether they will also require a discharge form to be completed and signed.
With regards to adviser permissions, we check the adviser has these at the beginning of the journey.
How you can help speed up the process
Check with the existing provider whether the plan you are proposing to transfer is available on Origo. If not, ask them if they require any signed discharge forms or any additional requirements. These will need to be signed and sent to us once you have submitted the online application.
Please see our Discharge forms checklist for further information.
Keeping track of your transfers
You are able to keep track of all cash transfer cases online via our transfer tracking tool which can be found within Client Management (simply select the client and scroll to the 'Instruction tracking' tab). This will support you with tracking transfer cases without having to contact us directly.
For cash transfers, the tracking will highlight each step of the process and an indicative timeline will be provided for completion of the instruction based on average timescales of automated versus non-automated providers.
We will confirm once the existing provider has accepted our transfer request. Equally, we will tell you if it has been rejected. For any rejections, if we can resolve the issue, the instruction will be resubmitted under a new instruction reference. If a new instruction is not created, a rejection letter will be sent and you will need to submit a new instruction as appropriate.
Where a letter of authority is required, we will highlight this within the tracking.
About our Pension
Our low-cost, flexible personal pension offers choice, flexibility and value for money for both pre- and post-retirement planning purposes. It is also available as a Junior SIPP.
The Pension Forum
Paul Squirrell, our pension expert, clarifies the rules relating to some specific areas of retirement planning.
Transferring clients between firms
There are three scenarios in which clients can be moved between firms.