Transfer Out Settlements
Overview
Every administrator/scheme will have their own settlement process as such the following should serve as a guide on how to update Mantle and does not cover the administrative process which should be referred to alongside this.
A request for a transfer settlement is initiated as soon as completed transfer forms have been received.
Process
Subject to the appropriate administrative process, it is good practice to issue an acknowledgment to the member, and any advisor acting on the member’s behalf, confirming receipt of the forms, request any additional information and advise on timescales.
The administrator is now required to;
- complete the due diligence checks in line with the Transfer Regs and PSIG Code
- verify the member’s identity
- verify the Independent Financial Advisor where benefits are over £30,000 (https://register.fca.org.uk/)
- conduct any additional scheme checks and/or ensure sufficient information has been received for an overseas transfer
- identify any Red or Amber Flags in line with transfer regulations
Where a Red/Amber Flag or any concerns have been identified as part of the due diligence process – follow the administration procedures to address these concerns.
Provided the transfer settlement can proceed, update the member’s status by scrolling down to New Events and Services and select Deferred transfer, the date will default as the current date (adjust if required) and click Add Event.
This will refresh the screen into the new event status with pre-defined fields for the administrator to complete.
When the amount has been populated this will trigger a field on Mantle to enter the third party payee bank account details for payment.
Click update to enter the required information.
The record will then be pending approval and will require you to save this by clicking the save icon in the top right-hand section of the record.
The settlement letters should be drafted for the member and receiving scheme. This can be prepared through the transfer event on Mantle through the mail merge drop down. These letters will then appear as Draft documents on the record.
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). They will also be required to approve the one-off payment on the record to push this through for treasury/payroll. 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.