Module 3 Transfer process, Requirements And Timescales

Question 1

Transfer Process
Describe,
1 month
3 months
3 months and 10 days
6 months
6 months and 10 days
9 months

Answer 1

Member applies for statement of entitlement
1 month - Trustees inform member of need for advice and deadline

3 months - Guarantee Date
3 months and 10days - within 10 days of guarantee date trustees provide statement of entitlement and inform member of the deadline for receiving advice

6 months 1 - Deadline for member to apply for transfer in writing
6 months and 10 days - Deadline for member to prove advice taken

9 months - within 6 months of guarantee date and having checked independent advice received by member trustees make transfer

Question 2

What cobs rule governs Pension Transfers, conversions and opt outs

Answer 2

Cobs 19.1

Question 3

What section of COBS 19 relates to regulated financial advice

Answer 3

Section 53 e

Question 4

What is different with guaranteed annuity rates over £30k

Answer 4

Firm must have permission on conversion or transfer of pension bens
Work does not need to be signed off by pension transfer specialist
Firm not required to produce APTA
Guaranteed annuity rate should be prominently highlighted