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General
Q: I am a Fee Based IFA; does Selectapension show Nil Commission plans?
A: Yes, we show both commission and nil commission options on all products on our system.
In addition, in both of the Transfer Value Analysis calculators and in the Multi Transfer Wizard, you have the ability to include your fee in the analysis, or add any other asociated fees that are relevant to the transfer, as monthly / quarterly / annual / one-off amounts.
Q: Can the reports be personalised with our company logo?
A: Yes, there are various options for branding your reports, please click here for more details.
Q: Are there any restrictions on the number of cases I can run?
A: No, as long as you are not operating a Pensions Transfer Bureau service, you can run as many cases as you wish for your own clients; there are no per case fees, or case counters.
If you are a Pension Transfer Bureau or Consultant, please contact us directly for subscription pricing information.
Q: Why should I use the Selectapension system when pension providers offer some similar free calculators?
A: By using the Selectapension system you can ensure unbiased and accurate results.
You can compare all of the available pension products in one place, rather than through various different websites, saving you a lot of wasted time spent on unprofitable administration.
The selectapension tools are unique, much of the functionality is not available elsewhere, even in paid-for software. In particular, the Multi Transfer Wizard is a totally new concept in Pension Transfer Analysis.
Q: Will I need to install any updates?
A: No, as Selectapension is an online system we can update the website as soon as new information comes in without any inconvenience to you the user.
Q: Are the calculators available for multi-use on Networked computers?
A: As the system is totally internet based, there is no need to network the software, or any need to download or store anything upon your PC or server.
Each individual user will need their own user licence, and login details. You can then login to selectapension from any PC – your own, a colleague’s, at home, or even at a customer’s premises - using your individual username and password.
Pension transfer cases are stored upon our secure servers and you can retrieve a case at any time to amend or review, and you can also save reports from all calculators to your own PC files.
Q: Do I have to have any training on the system before I sign up?
A: No, you can sign up and start using the system straight away. As there are comprehensive step-by-step user guides provided on our website you will find it easy to navigate through the calculators, and all of the input screens are designed to be really straightforward and easy to use.
Q: Do you provide user support, and how much is a support package?
A: Yes there is, you can call 01892 669495 in business hours or email support@selectapension.com any time.
This is provided as a free service, you just pay for the call (local rates apply). We are happy to offer 'walkthroughs' of any calculator over the telephone, and can attend group meetings for training and demonstrations.
Q: Can the reports be altered?
A: The reports are in PDF format and can not be amended; this is a safeguard for both Selectapension and the user in preventing any alterations which may inadvertently mislead the client.
Q: How is it that Selectapension.com is so inexpensive in comparison to other similar systems?
A: Because we have kept overheads to a minimum so that we can provide IFAs with the tools that they need at a price that they can afford.
Q: Is it possible to take a free trial of the system?
A: Yes, of course. We can arrange a standard 48 hour free trial, simply click here, input the relevant details, submit your application and we will e-mail back your access codes.
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Money Purchase TVAC
Q: How accurate are the calculations?
A: The calculations are very accurate and we always seek verification from providers on our results.
Q: Does the system provide SMPI and non-SMPI comparison, and cater for ceding scheme statements showing varying rates?
A: Yes, the system provides comparisons for SMPI and Monetary Growth Rates which can be 5, 7 and 9%, or any other preferred terms specified including varying rates.
Q: Can I save the cases?
A: Yes, to save a TVAC just click on ‘Save Case’ on the results screen, this will then be safely stored within our secure servers for retrieval and updating or amending at any time
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Final Salary TVAC
Q: Will your system satisfy my compliance needs?
A: Many of the IFA Networks and Service Providers support our system and are happy to recommend us to their members. We would recommend that you contact your Training / Compliance Manager directly if you have any queries about whether you are able to give Final Salary Transfer advice using the Selectapension system.
Q: Can I save the cases?
A: Yes, to save a TVAC case you must click on ‘Save Case’ on the results screen, this will be safely stored within the secure servers of our system.
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Retirement Planning Wizard
Q: Can I include equity in property?
A: Yes, you can include equity in property as well as various other investment vehicles.
Q: How many plans can I include?
A: You can include an unlimited number of plans; you can enter any amount Defined Benefit and Money Purchase plans, and include State benefit plans.
Q: Are the cases automatically saved?
A: Yes, from the moment you click ‘Next’ on the first screen that client is saved and can be retrieved at any time.
Q: Can I produce a separate report for investments only?
A: Yes, this report shows at a glance what the client can expect from their investments at retirement.
Q: Can I choose between a joint or single life annuity for my client?
A: Yes, you can also change the today’s term growth rate.
Q: Is it possible for me to choose my client’s desired level of income at retirement?
A: Yes, this can be entered as a percentage of their current income or as a monetary amount in today’s terms.
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Lifetime Limit
Q: Is this software still relevant after ‘A’ Day?
A: Yes because insurance companies have up to three years to supply illustrations for ‘A’ Day, therefore it will take some time to calculate whether your clients qualify for protection.
Q: Are the cases automatically saved?
A: Yes, from the moment you click ‘Next’ on the first screen that clients details are saved and can be retrieved at any time.
Q: Is there any restriction on the number or type of plans that I can input?
A: No, there is provision for an unlimited number of plans, including crystallised benefits.
Q: Is the software accurate?
A: Yes, it has been described as the most accurate and extensive ‘A’ Day planning tool available.
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Provider Comparison
Q: Can I use the report as evidence for recommendation?
A: Yes, the reports are very clear and client-friendly.
Q: Can I select a panel of providers for comparison?
A: Yes, simply by ticking the boxes of your chosen providers which will bring up all of their available products
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Multi Transfer Wizard
Q: Can I include a plan with ongoing contributions?
A: Yes, the Multi Transfer Wizard will allow you to assess paid-up plans and can include a plan with ongoing contributions.
Q: Does the system only provide an amalgamated comparison?
A: No, both on screen and in the client report, there is an individual analysis for each ceding scheme, and an amalgamated result.
Q: Can I include a Final Salary plan?
A: No, the system will only compare Money Purchase style arrangements.
Q: How can I compare several existing pensions, when the various Providers give statements at different Growth Rates?
A: The Multi Transfer Wizard will compare each plan on a like-for-like basis initially, and for the amalgamated result it will create 'average' Growth Rates by which to compare.
Q: How many plans can I compare in one report?
A: An unlimited number of plans can be compared.
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FAQ's
