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Reviewing Pensions FairlyBankhall Adviser ForumPresentation by Paul RutlandZurich Financial Services
For intermediary use only – not for use with your clients
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2 29/1/2009
Compliance Update : March 2009
Background to the reviewScopeFindingsKey areas of concernYour actions
Compliance Update March 2009
Issued December 2008
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3 29/1/2009
Today’s objectives and content
Future pension switches - Threat or Opportunity?
A view of the world from your client’s perspective
A view of the world from the Regulator’s perspective
From your perspective:
• show how Zurich can help you meet client’s needs more easily
• in a safe/compliant way
• and help you write more business
For today’s purpose, the world is ‘the pension review market’
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1. In your client’s shoes
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5 29/1/2009
Why might they wish to transfer?
improve their income in retirement
reduce costs
optimise investment returns
take advantage of wider investment options or extra product features
convenience (everything in one place)
gain more involvement and control
emotive/personal reasons (redundancy, bad service, company may go
bust)
Every client is different
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2. FSA Perspective
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7 29/1/2009
Five key elements
1. Charges
2. Funds
3. Lost benefits
4. Review
5. Documentation & evidence
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2.1 Charges
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9 29/1/2009
Charges – no industry standard way of analysis
Making a charges comparison – assessment
What if charges are more expensive - justification
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10 29/1/2009
Poor Practice: Cost Comparisons
Source : FSA Thematic Review December 2008
Solution: C
harge comparis
on
on actual fu
nds, not c
heapest
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11 29/1/2009
Charges - FSA view in detail
Must be ‘valid grounds to justify the extra cost’
Examples of grounds that might not be valid:
Investment flexibility and choice…………that ends up not being usedFund performance….. ……..………………but who knows that it will be better?Will be able to use drawdown facility…..but never gets usedConsolidation………………………………..but was never explained or justified
Stakeholder plan would have done just as good a job
Client needs have to be at heart of process
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12 29/1/2009
Good Practice: Cost Comparisons
Source : FSA Thematic Review December 2008
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13 29/1/2009
A ‘comparison grid’ to compare charges is
what’s needed
Comparative illustrations need to be for the same retirement ages, the actual funds the client selects and with the correct fund charges applied.
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14 29/1/2009
Justifying any increase in charges
Can be justified by extra benefits
Benefits must be relevant to needs, and not hypothetical
Customer must understand and agree with rationale
Must be documented
If projections are significantly better from the existing policy, it is unlikely to be suitable advice to recommend a switch.
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2.2 Lost Benefits
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16 29/1/2009
Lost benefits
FSA focus on features and benefits in old scheme which have value but not replicated in new scheme
If proper Consumer Outcome is still best served by switch, customer needs to understand what they’re giving up
FSA mention
– Guaranteed annuity rates
– With profits guarantees
– GMPs from (presumably) S.32
There are also other ‘guarantees’ that need full analysis eg. growth rates
Must investigate, discuss with client, and most importantly document any discussion/decisions
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17 29/1/2009
Good Practice: Loss of Benefits
Source : FSA Thematic Review December 2008
Learning Point: If G
AR is
available, h
ow valuable is it?
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2.3 Funds
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19 29/1/2009
No industry wide definition of risk
Advisers can use their own
They might consider using a ‘ Risk Profiler Tool’
And then match the risk to funds
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20 29/1/2009
Here’s a view of suitability of funds
“The way we judge a case has nothing to do with the subsequent performance of an investment. Instead we look at how risk
profile was measured and try to determine whether or not the management of the funds followed the pattern agreed at the outset with the investor. It is important to ensure that both
parties are clear about what sort of approach should be taken”
David Cresswell, Ombudsman service10 April 2005
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21 29/1/2009
New funds - FSA view in detail
Consider attitude to risk and personal circumstances, and how the recommendation reflects them
Must also consider customer objectivesfinancial situationfinancial knowledgeExperiencetheir age (term)other relevant personal circumstancesincluding existing investments
Be aware of nature and level of risk of funds …..and benefits of diversity
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22 29/1/2009
With-Profits fund switches & reviews
Nothing more than full analysis will do:
• Identify the exact with-profits fund
• Analyse financial strength and performance
• Find the fund breakdown from Principals and Practices of Financial Management (PPFM)
• Copy CFPPFM to client?• Note bonus history• Note asset mix • Relate current with-profit asset
mix to the client’s risk profile
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23 29/1/2009
Good Practice: Customer’s ATR and personal circumstances
Source : FSA Thematic Review December 2008
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24 29/1/2009
What does the Zurich Risk Profiler do?
Allows you to ask the client seven multiple choice questions (paper or online)
Will play back risk profile (detailed description) resulting from seven questions
Provides written evidence / audit trail
CLIENT FILE
Alan Smith
ExistingPensionPlan
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25 29/1/2009
Use Zurich Portfolio Planner with existing funds
NEED TO LOOK AT ANNUAL STATEMENT TO ENSURE RIGHT FUND!
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26 29/1/2009
ZPP will compare it with model portfolio:
action needed?
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27 29/1/2009
Re-forecasts based on fund selection
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2.4 Review
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29 29/1/2009
Review
Ensure customers understand the need for reviews
Must document the need for review
Asset allocation approach means reviews are necessary
If reviews are offered, must make them happen
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Good practiceOne firm had a very clear explanation in the template suitability report describing why ongoing reviews and rebalancing were needed for their portfolios (where an asset allocation approach had been recommended). Their standard service for customers also incorporated a full annual review and biannual rebalancing.
Good Practice: Explaining & providing ongoing advice
Source : FSA Thematic Review December 2008
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31 29/1/2009
Planning tools can capture the need to review
Asks up front for a review date (assumes one year away)
Allows subsequent search for all reviews due in given period
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32 29/1/2009
Do the review and rebalance if necessary
Re-check attitude to risk
Review portfolio of funds• continued alignment with model portfolio• performance of individual funds• rebalance/switch
Redefine retirement goals and re-forecast
Clients’ must be made fully aware of the cost implications of ongoing advice, which should be documented in the suitability report.
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3. One member’s perspective
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One member: Checklist of required documents ? 1. Full fact find
2. Written confirmation of options & funds available of existing plan, fund and transfer value
3. Illustration - ceding plan
4. Illustration - proposed plan
5. ‘Critical Yield’ calculation if PMVs in 4. lower than 3. (company ‘tolerance’ set)
6. Approval form based on questions driven out from FSA Review Template
7. Suitability Report
The FSA are looking for a clear comparison as to why the fund switch is being recommended
and for what reasonsConsider carefully what you would do to ensure regulatory requirements are met if a pension switching report is not completed.
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Other documentation & evidence
Documented Company/firm proceduresSuitability Report and other compliance requirementsChecklist based on FSA templateRisk profiling and portfolio planning tool
For asset allocation discussion and audit trail
Projected Maturity Value template or switch analysis tool
“Disclosure of all relevant downsides cannot make unsuitable advice suitable”
FSA in Notes to Review Template, Feb 2008
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Handset Question
Would you be interested in attending a regional workshop on ‘pension switching’ in line of the FSA thematic review?
Press 1 – Yes
Press 2 – No
Press 3 – I am attending this afternoons workshop
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Reason’s to consider Zurich
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38 29/1/2009
Financial strength
Ratings of Zurich Assurance Ltd as of July 2008In July 2008, Moody’s confirmed the upgraded rating they had given Zurich Assurance Ltd in 2007. The A2 rating comes with a stable outlook.
In addition ZAL holds a Financial Strength rating of B+ (“Very Strong”) with AKG, in line with, or ahead of most of our competitors
All rating agencies provide Zurich with stable or positive outlooks
Zurich’s financial strength ratings remain consistent and strong
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39 29/1/2009
Panel of 177 pension funds from 34 fund managersWide range of assets classes, geographical regions & risk levels
Three step process before new funds/fund managers are added to ‘panel’
1. Fund development/governance team – pricing, investment process, fund manager longevity and long-term performance capability, marketing support
2. Investment Committee – brand and strategic fit, confirmation of appropriate systems and controls
3. TCF assessment – value for money test in the hands of the customer (PRAC)
Funds – reducing risk through strong funds governance
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40 29/1/2009
Bankhall members offer
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Helping you at every stage - marketing support
Keep your options openHelps customer prepare for pre-retirement review
meeting
For the Customer
Transferring your pension – need to knowHelps customer understand implications of a transfer if that’s what’s been agreed or suggested
Why a SIPP?Explains why a SIPP, even if you don’t need it right away
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42 29/1/2009
Helping you at every stage - marketing support
What happens now?Explains transfer process and why it can take a while
For the Customer
Hitting all the right notesHelp with a pension review
PPF PresenterZurich branded version of what Sterling have
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43 29/1/2009
Zurich Portfolio Planner
Built around client’s objectives/goals.
Client ATR Questionnaire
Works with existing investments, not just new business.
Life, mutual and pension tax wrappers.
Covers whole funds’ market (26,000 funds), not just our funds.
Charges are not product specific (but they can be tailored).
Produces clear and informative reports.
FTRC ‘eee’ rated.
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Summary
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Threat or Opportunity?
Potential market still huge We now know what ‘good’ looks likeFSA ‘file review template’ available as guidancePortfolio reviews essential given current market conditionsWith-profit funds need reviewing in line with FSA Sector BriefingNeed consistent & robust processesReview stresses putting the customer ‘needs’ at the heart of processDocumentation and evidence!
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Bankhall Publications: Pension Switching
Bankhall Compliance Bulletin B171 (Jan)
- Background to the FSA thematic review- Scope- Findings- Key areas of concern- Your actions
Bankhall Compliance Bulletin B173 (Feb)
- Practical and technical guidance in reviewing pension switching cases
“A Guide to Pension Switching”
- A comprehensive adviser guide to how to conduct a pension switch analysis
All documents can be viewed and downloaded from the Compliance Library on www.bankhallonline.com
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Zurich can help you every step of the way
Support material to help attract customers and prepare them for a meeting
Zurich Portfolio Planner
A great choice of funds
An efficient application process
Extra 1% client offer
Up front commission if required (Regular Payments) to help with cashflow
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Thank you for your time
Zurich Assurance Ltd, authorised and regulated by the Financial Services Authority, for its life assurance, pension and investment products.
Registered in England and Wales under company number 02456671. Registered Office: UK Life Centre, Station Road,Swindon, SN1 1EL. Telephone – 0845 850 8898. Zurich Intermediary Group Ltd, authorised and regulated by the Financial ServicesAuthority. Registered in England and Wales under company number 01909111. Registered Office: UK Life Centre, Station Road,Swindon SN1 1EL. Telephone - 0500 546 546. We may record or monitor calls to improve our service.