Three tips to speed up pension/ISA consolidation

From personalised support to pre-transfer checks and automatic tracking, the process of consolidating pensions and ISAs is getting quicker and easier. Here’s three tips to help speed them up.

There are a number of reasons why clients might avoid consolidating their pensions. Even despite £19bn being estimated as lost in forgotten pots by the Association of British Insurers (ABI)¹.

What’s holding clients back? Some might have concerns around the potential for high costs, while others are likely to not know where to start.

This is where a financial adviser can step in. As well as helping them keep costs down with competitive product charges, IFAs can use their expertise to guide clients through transferral of ISAs and pensions between providers. With many industry practices still outdated and tax year end approaching, here’s how the process is getting quicker and easier for you and your client.

1. Get personalised support and technical expertise

Having your own personal relationship manager to guide you through every aspect of a pension/ISA transfer can offer extra peace of mind. This, alongside a team of experts who can help with technical queries, is vital. On top of this, access to a wide range of technical resources can ensure you get all the right support when you need it.

2. Faster pre-transfer checks

Before completing any transfer, there some ways that the process can be made quicker for financial advisers. These might include automatic identification of Origo transfers, prompt document checks to ensure nothing is missing or incorrect and pre-population of forms to help save even more time.

3. Automatic updates and ongoing tracking

Liaising with the ceding scheme in question is something else to factor in. It therefore helps if this can be done on your behalf by the new provider, with automatic updates provided at every significant milestone along the way until completion. This helps keep the process moving and speeds things up for all involved.

Important information.

VitalityInvest is a trading name of Vitality Corporate Services Limited. Vitality Corporate Services Limited is authorised and regulated by the Financial Conduct Authority. Past performance should not be taken as a guide to the future performance and there is no guarantee that an investment will make profits: losses may be made. VitalityInvest makes every effort to ensure that the information provided in this commentary is accurate and complete but no guarantee or warranty is given. This commentary is for general information purposes only and is not to be relied upon in making an investment or any other decision. Nothing in this commentary constitutes investment, legal or any other advice. This commentary is for investment professionals only and any retail customers should speak to an authorised financial adviser before making any investment decision.

Sources:
1. https://www.unbiased.co.uk/news/financial-adviser/billions-lost-in-forgotten-pensions, November 2021