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These matters can take time but with a focussed and motivated team great things are achieved.

Family Pension Trust Service Standards

JULY 2017
99.10% of service standard turnaround achieved overall.

We are dedicated to providing quality, professional Family Pension Trust (Family SIPP) administration, individually tailored to the meet the specific needs of each client.

As the appointed scheme administrator and independent trustee to all our clients’ schemes, we alleviate the complexities of scheme administration, which can otherwise fall to the member trustees.

Our aim is to fully understand our clients’ objectives, to give them the reassurance that, with our support, any decisions they make will comply with pension scheme regulations and meet all the requirements of legislation. To achieve this, clients are allocated an experienced consultant and a skilled administrator who are dedicated to providing a friendly and efficient service.

By working closely with our customers, our consultants and administrators can make sure that when important deadlines must be met, they are.

We are focussed on continuous improvement in the quality of the services we provide. Our bespoke SSAS administration services are highly consultative in their nature and are monitored against demanding processing timescales. We aim to complete no less than 95% of our work within these timescales.

The accolades we receive give an insight into the quality of our service and the relationship we have with our customers.

Good news stories from around the business demonstrate the benefits that our approach to service brings to our customers.

Family Pension Trust processing timescales

All days quoted are working days, following receipt of all required information and appropriate authorisation. We aim to complete no less than 95% of our work within these timescales. Due to the highly consultative nature of our Family Pension Trust administration, and other factors, including the involvement of third parties, there may be occasions when this is not possible.

New Business
Issuing application packs 1 day
Standard new business illustration 1 day
Specialised new business illustration
Provision of illustrations for benefits, that may include scheme pension,or income drawdown.
3 days
Acknowledging receipt of new applications 1 day
Processing applications
Includes issuing new plan documentation and establishment of the scheme bank account(s).
3 days
Banking
Processing cheques 1 day
Money received 1 day
Payments out
Dependent upon the availability of cleared funds.
1 day
Transfer of existing benefits
Transfer in or out
Transfers, in particular in specie transfers, are complex and involve liaison with third parties. This is the timescale we aim to meet to process forms and respond to requests, during each part of the transfer process.
10 days
Investments
Investment feasibility investigation
Reviewing requests for investment in new assets of a complex nature, not already approved by us, and providing feedback.
5 days
Processing new investments
Dealing with each stage of an approved investment.
3 days
Processing existing investments
Dealing with each stage of any changes to an existing investment, such as a sale or partial disinvestment.
3 days
Benefits
Processing requests
Reviewing requirements and processing requests for calculations.
10 days
Retirement illustrations
Provision of retirement illustrations, for benefits a member may take from the Family Pension Trust.
10 days
Paying pension commencement lump sums
Processing and payment from available funds.
5 days
Pension payments
Establishing pension payroll records and making payment. Our payroll is run on the last working day of the month.
5 days
General
Priority correspondence
Responding to priority enquiries received by post, fax, email
or telephone that do not fall into the above categories
3 days
General correspondence
Responding to general enquiries received by post, fax, email or telephone that do not fall into the above categories.
10 days
Reclaiming pension relief at source (PRAS)
Submitting tax reclaims for qualifying contributions, within specified monthly reporting periods, to HM Revenue & Customs and crediting received funds into Family Pension Trust bank account(s) on day of payment receipt.
11 weeks (maximum)
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