Helping advisory businesses meet regulatory requirements
New regulation for DB transfers comes into effect in October 2018 with changing requirements and increased demands on TVAS reports. CTC are providing fully updated reports, available through software or via the bureau, with additional features to help the compliance and process demands of advisory firms.
The accuracy of results from the CTC Bureau Service is assured as the Transfer Value Analysis is undertaken by actuaries, these experts ensure that SLAs met in 98% of cases.
Staff at CTC have an average of over 15 years Pensions Technical knowledge and include leading industry experts, for example CTCs Chairman, Nigel Chambers FIA, regularly speaks at industry conferences on this subject and is quoted in the industry press.
Compliance is assured as the CTC Bureau Service is underpinned by market leading CTC Elements software. The comprehensive, actuarial based calculations engine has been providing solutions to the Financial Services market for over 25 years.
Functionality from the wider software suite is available through TVC/TVAS reports, including a range of cashflow capability.
CTC can accommodate a full range of API call/response links to allow integration with adviser systems/platforms to support the preparation of ‘Suitability’/APTA reports.
CTC is committed to continually developing the software as the market reacts to ever-changing regulatory requirements.
CTC provides services for a wide range of advisory clients – including some of the very largest.
CTC’s re-engineered TVAS Reports
CTC has developed a fully online TVAS/TVC bureau process that dramatically reduces costs and improves service to customers. This draws on modules from CTC’s Elements software suite which allows for increased functionality in providing a greater part of the full DB transfer process.
TVAS/TVC Standard Report
· Annuity purchase Critical Yields (normal and early retirement ages)
· TVC type capitalised values alongside Critical Yields for Early Retirement and Pension Protection Fund
· Drawdown cashflows to match Scheme Pension
· Expectation of Life based on ONS tables
TVAS/TVC Online Access
Allows user to amend various data items and rerun case without reference to CTC:
· Amount of Transfer Value
· Replacement product, growth rates and charges
· Spouses date of birth
· Early Retirement date and reduction factors and Life Time Allowance calculations for Maximum Tax-Free Cash Protection
TVAS/TVC Report +
· Drawdown cash flow tables based on customer’s desired income flow
· Drawdown Critical Yields with the addition of TVC type capitalised values to various fund depletion ages
· Option toggle to produce TVAS+ report in Nominal or Real terms (based on FCA COBS discount rate in force from time to time – i.e. 2% pa from April 2019)
CTC’s bureau and software are available for immediate use, for more information or to get started please contact:
07484 038 914