Financial planner CashCalc in a standalone pension place
In preparation for the UK’s Financial Conduct Authority’s (FCA) new guidance on pension transfers, CashCalc has been developing a new variable cost (TVC) and appropriate pension transfer analysis (APTA) tool.
Get tooled up
The tool has been developed alongside former FCA technical specialist Rory Percival and is set to come into force during October.
Financial planner CashCalc says the tool has passed many “significant” milestones and is on course to be fully compliant when the new rules are implemented. An example PDF report will soon be released.
Ray Adams, chartered financial planner and director at CashCalc, says: “We understand not every CashCalc user is a pension transfer specialist, so why should they pay for something they are not going to use?”
The standalone module means financial advisers can add it to their existing suite of tools.
The decision to create a standalone tool also led the firm to consider modularising its entire suite of financial planning tools, which consists of 26 tools ranging from cashflow planners to investment calculators.
The FCA’s new rules include requiring transfer advice to be provided as a personal recommendation that takes account of a consumer’s individual circumstances. They also replace the current transfer value analysis with a requirement to undertake a personalised analysis of the consumer’s options and a comparison to show the value of the benefits being given up.
More details here.
