Transfer Out Quotations
Overview
A request for a transfer value quotation may be received from the member directly or by a third party acting on behalf of the member. If the request is not received directly from the member, you should ensure we hold the appropriate authority before acting on the instruction or releasing any data to the third party.
A transfer quotation is formally known as a Cash Equivalent Transfer Value. If this value is required for divorce purposes, please refer to that process document.
Generally a deferred member is entitled to one statutory CETV within a 12-month period provided they are not within one year of their Normal Retirement Date however the appropriate administrative checks should be completed to determine a member’s entitlement.
Process
Assuming a quotation can be provided it is good practice to issue an acknowledgment to the member confirming receipt of the request and advise on timescales. A standard Mantle template letter “Disclosure: Transfer Value Request” is available through the mail merge function on the main member record. Subject to SLA timescales it may not be required to issue this letter.
To run a quotation for a deferred member, scroll down to New Events and Services and select Deferred transfer, the date will default as the current date and click Add Quote.
From the main member record you will now see the quotation within the Quotations table. Click on the quotation to view the results.
The results screen will appear as below, if the AVC value shows as no result override this with a zero value, if the member has an AVC fund override this with the actual AVC value to be quoted.
The appropriate administrative process should be followed regarding any actuarial checks required on the calculation output before the quotation can be issued.
Ensure you save the record before moving on to drafting the CETV pack for the member. This can be prepared through the quotation on Mantle using the mail merge drop down and selecting “CETV Pack”. The text on the first page can be customised to suit the nature of the request, if necessary, before you click ‘Confirm First Paragraph”. If the request is received from an IFA, a copy of the CETV pack should be sent to the member and the IFA separately.
If the member is considering transferring overseas, additional information and forms need to be supplied. The “CETV Pack (Overseas)” template should be used in this scenario.
The workflow checklist should be updated and allocated as required for peer review.
Another administrator will then be required to review the updates to the record and confirm the two step approvals to accept the changes (or reject if it is incorrect). The record should be saved to commit the data. Similar actions are required for any correspondence that has been drafted. The workflow checklist can then be updated accordingly.
Any correspondence should be issued before the workflow checklist is completed in full. This will automatically register the completion of the SLA (Service Level Agreement) electronically.