How do I transfer a client’s pension into a new pension with us and take immediate tax-free cash?

1. Search for the relevant client. You'll find this on the homepage.

2. Click on the 'New business' quick link button and select ‘New Business application’.

3. Select ‘Collective Retirement Account (CRA)’ as the product and tick the ‘Immediate tax-free lump sum’ box. Assign an adviser to the account and answer the financial advice questions to confirm that you can proceed with the application.

4. Enter the required client details.

Information entered when initially setting up the client will have pulled through to the application. You are required to confirm the client’s tax residency details and nationality status. Enter the client’s retirement age and answer the ‘Retirement assumption’ questions. Then enter the payment details.

• In this step by step guide the example is adding a transfer in. Your client must sign a transfer authority for each transfer. You only need to send the transfer authority to us if the ceding provider does not support online applications. Transfer authorities must be sent for all occupational schemes.
• Enter the transfer details, confirm any additional holdings and answer the critical yield questions.

5. Enter the asset allocation for the crystallised amount. Use the tabs to view the relevant asset types.

• You can select any combination of model portfolios, funds, exchange traded investments and cash.
• If you have access to discretionary investment management models, these will be available on this screen.

6. Use the ‘Search’ facility to locate the relevant asset. The ‘Advanced Search’ option allows you to search using additional criteria.  Once the asset allocation has been entered, a risk score between 1 and 10 will be generated and you can select what will happen to any distributions received from the assets.

7. Confirm your client does not have a Pre-A-Day pension, drawdown or annuity that started before 6 April 2006 that you have not informed us about previously.

• If your client has a Pre-A-Day arrangement, you will not be able to continue with the online process. Details of Pre-A-Day arrangements must be provided us.

8. The crystallisation details will be displayed. Add any allowances used outside of this arrangement. Enter an initial fee for the transfer and your ongoing servicing fee if you are taking one.

• The adviser initial fee will be calculated on the crystallisation amount after the tax-free lump sum.

9. Highlight or hover over the crystallised amount and enter the gross income amount per withdrawal, select the income frequency and select the first withdrawal date.

10. Choose which assets to pay the income from. This can be either proportionally across all assets or from specified assets.

• Please note that if there is insufficient value in an asset at the time of the sale then we will default to selling the remaining assets proportionally.
• Confirm the client’s bank account. You have the option to split the income across two bank accounts if required.

11. You have the opportunity to review the information you entered by scrolling down the page. Use the ‘Edit’ options next to the relevant section to return and make any changes if required.

12. Next, the documentation which you must send to us will be generated. You can download these documents straight away or re-access them later from the client’s account dashboard.

13. On the final step, read through and tick the adviser declarations and click ‘Submit application’.

• The green banner at the top of the screen confirms your application has been submitted.
•  Your generated documents will be displayed and these will need to be signed by your client and posted back to us at the address displayed.
• Other supporting documents which you can keep for your own reference will also be available in this section.

14. You can view the income instruction from the ‘Activities’ tab on the client’s account dashboard.

• From here, you can also track any transfers requested by selecting the ‘Expand’ option next to the transfer activity. Details of what stage the transfer is at and notes that have been added by our transfers team will be displayed.