This call is all about why you are on this path, what are the reasons you decided to get the transfer value, what makes you think this is a good idea. We take the time to explain the reasons the FCA say it’s often a bad thing to do, we will really question your motives so please be ready to give me some very good reasons why you think this is a good idea. We will explore your reasons to transfer and we will come up with some alternatives to offer the same solutions or outcomes.
We will also explain our strategy in helping with this process, one big thing for us is where the money goes. We cannot emphasise this enough, we are not in the business of putting you into a new pension and then waving good bye and good luck, we need to be confident that the money being invested is suitable for you, not only now but in the future. We would review this work constantly and always be available on the phone or via email with at least a yearly meeting to discuss the progress and to make sure the objectives are being met, making any changes as necessary.
It will tell you the amount needed to buy a similar annuity on the open market, using prescribed annuity rates from the FCA. It will also give you an idea of how long the fund will last in a drawdown plan, paying the same figures as what is quoted from your final salary scheme. It will base this on medium returns of 5%.
Of course the TVC report can only measure the numbers and not your other reasons to transfer but it usually gives you a good idea of whether this is a good idea or not