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Transfer assets in specie
One significant enhancement to the Collective Retirement Account (CRA) is the ability to transfer assets in specie by re-registering assets directly into the CRA. This is in addition to the ISA and Collective Investment Account, where re-registration was already available.
Our new Transfer Tracker makes your life easier
Another key enhancement to our new technology platform is the introduction of our Transfer Tracker, which can be used alongside re-registration or cash transfers. The Transfer Tracker provides you with up to date information on the status of your client’s transfer or re-registration. It can easily be accessed online, without you needing to pick up the phone, saving you time.
When processing a transfer request, we take every step possible to ensure the transfer of your clients’ assets is as smooth as possible.
Most transfers go through successfully, however occasionally a transfer can be rejected by the ceding scheme. The top three reasons for transfers being rejected by the ceding scheme are:
- Current year’s subscriptions are not accurately stated on the application for ISAs.
- The client details provided on the transfer request do not exactly match those of the ceding scheme.
- The account number specified for the ceding scheme is incorrect. As with client details they need to match exactly.
We therefore recommend you double check the following details to ensure they match exactly with those held by the ceding scheme:
- Client name – including spelling, capitalisation, middle names, abbreviations etc. For example, is it Mclean or McLean? Is it Jo or Joe? Janice or Jan?
- Date of birth
- Full address – again making sure all spelling etc is correct and accurate
- National Insurance number
- Account number
- Product
- Monetary amount - which needs to be close to what is quoted on the form
- Current year subscriptions need to be correct on relevant product types
- Signed and dated forms, where appropriate
- Wet signature, where appropriate
Check you have the correct ceding scheme on Origo
There are often several options on Origo for any single ceding scheme. Therefore, be as specific as possible with the name of the scheme being requested. For example, is the transfer from Royal London or Royal London (ex Co-Op)? This will reduce the likelihood of the transfer being rejected by the transferring scheme.
Automated re-registration
The main benefit of re-registration is that assets remain invested when moving between platforms, which reduces risk, especially in volatile markets.
Significant strides have been made in recent years to automate this process as much as possible, with three automated re-registration schemes operating across the industry, namely Calastone, Altus and Origo. Underpinning this is TISA Exchange Limited, or TeX for short, which has been established to help facilitate the electronic transfer of wrappers and assets between fund managers, platforms, wealth managers and any firms which holds assets on behalf of investors.
The majority of TeX members can facilitate electronic transfers and we do not need you to send us a transfer authority form. However, some providers and fund managers do still require paperwork to complete transfers or re-registrations and, if this happens, we will contact you and request a signed transfer authority form. View a list of TeX members who can facilitate transfers electronically.
Re-registering a pension
Additionally, if you are considering re-registering a pension, there are a limited number of providers who can currently facilitate a pension re-registration.
These details for TeX members and pension re-registration providers are correct as of November 2020 and are subject to change from time to time.
- A J Bell Management Limited (Pensions)
- Alliance Trust Savings Ltd (Pensions)
- Aviva Pension Trustees UK Limited (Pension)
- Courtiers Investment Services (Pensions) Ltd
- Curtis Banks Limited
- Fidelity International (Pensions)
- Investment Funds Direct Ltd (Pensions)
- Parmenion Capital Partners (Pensions) LLP
- Praemium Retirement Services Limited
- SLTC
- Standard Life Trustee Company
- Vanguard Pension Trustee UK Limited
- Zurich Intermediary Platform (Pensions)
How long should a re-registration take?
A simple in-specie transfer usually takes six weeks to complete.
It is important to manage your client’s expectations regarding how long the re-registration process takes. It is not uncommon for these processes to take over 45 working days. Some more complex cases can take six months or more.
To understand the re-registration process in more detail, see our helpful ‘Pension Transfers – why it's important to understand the re-registration process’ page.
Ten things you should consider before instructing a re-registration
- Is the current provider able to facilitate a re-registration of assets away from them?
- Would the process involve two clients who are members of schemes that transfer via Origo. This may be relevant where clients have protected tax free cash and the pensions need to be transferred together. Please note that even though the transfer may be in Origo it doesn’t mean the transferring provider/scheme is electronic and we may still require a signed Transfer authority, which will increase the transfer turnaround time.
- Does your client currently take income from their investment e.g. a pension? If so, to ensure no disruption to their income flow, a cash transfer may be quicker and more appropriate, otherwise you may wish to ensure income provision is sourced from the ceding scheme prior to the request.
- Does the ceding scheme levy any charges for re-registration?
- Are there fund manager fees if you don’t re-register, for example initial charges and dilution levies?
- Are there custody arrangements outside the ceding scheme e.g. a Discretionary Investment Manager (DIM)? What is required form the custody provider and are there additional charges?
- Check the ISIN codes of the assets currently held – are they available on Quilter’s fund list? If the ISIN is different to the version Quilter hold, a fund conversion will be required as part of the re-registration process.
- Does your client hold suspended funds with the ceding scheme, and how will they be treated during the re-registration? If they hold suspended funds that are non-tradable it may still be possible to transfer the asset. Note that for crystallised pension transfers, if an asset cannot be re-registered or encashed then the transfer cannot proceed.
- Does the existing asset allocation match the client’s risk level before re-registration and/or will you be likely to switch the client shortly after the re-registration? If so, a cash transfer may be preferable.
- Do you take ongoing servicing fees? For the CRA, fees will only be available once the final fund has transferred and the account is established. For CIA/ISA your fee will be based on the value of the transferred assets at the point of the monthly plan anniversary.
These ten points are critical to determining whether re-registration is available and appropriate when moving assets to our new technology platform.
Quilter does not provide investment advice.