One significant enhancement to the Collective Retirement Account (CRA) is the ability to transfer assets in specie by re-registering assets directly into the CRA. This is in addition to the ISA and Collective Investment Account, where re-registration was already available.
Another key enhancement to our new technology platform is the introduction of our Transfer Tracker, which can be used alongside re-registration or cash transfers. The Transfer Tracker provides you with up to date information on the status of your client’s transfer or re-registration. It can easily be accessed online, without you needing to pick up the phone, saving you time.
The main benefit of re-registration is that assets remain invested when moving between platforms, which reduces risk, especially in volatile markets.
Significant strides have been made in recent years to automate this process as much as possible, with three automated re-registration schemes operating across the industry, namely Calastone, Altus and Origo. Underpinning this is TISA Exchange Limited, or TeX for short, which has been established to help facilitate the electronic transfer of wrappers and assets between fund managers, platforms, wealth managers and any firms which holds assets on behalf of investors.
The majority of TeX members can facilitate electronic transfers and we do not need you to send us a transfer authority form. However, some providers and fund managers do still require paperwork to complete transfers or re-registrations and, if this happens, we will contact you and request a signed transfer authority form. View a list of TeX members who can facilitate transfers electronically.
Additionally, if you are considering re-registering a pension, there are a limited number of providers who can currently facilitate a pension re-registration.
These details for TeX members and pension re-registration providers are correct as of November 2020 and are subject to change from time to time.
A simple in-specie transfer usually takes six weeks to complete.
It is important to manage your client’s expectations regarding how long the re-registration process takes. It is not uncommon for these processes to take over 45 working days. Some more complex cases can take six months or more.
To understand the re-registration process in more detail, see our helpful ‘Pension Transfers – why it's important to understand the re-registration process’ page.
These ten points are critical to determining whether re-registration is available and appropriate when moving assets to our new technology platform.
Quilter does not provide investment advice.
