DB Pension Transfer CA

Customer Agreement
‘Pension Transfer Advice Service’
comprising:
Initial advice and related transactions
This proposition is suitable for customers who require advice on whether to retain or
transfer the value of pension entitlements built up under an employer occupational
pension scheme.
It is not suitable for customers who require a transfer to be undertaken irrespective of
the risks and consequences, who require limited advice. This includes any client
expecting the Firm to facilitate a transfer against its specific recommendation.
The charge for the service is payable regardless of whether advice is to retain or
transfer benefits. The service is therefore not suitable for clients wholly depending on
meeting such costs from the value of any transferred pension benefits.
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1. Reference
1.1. The following reference is assigned to this agreement and should be used in conjunction with
any communications regarding the services to be provided:
2. Parties to this agreement
2.1. This agreement is made between Leabold Financial Management Ltd (referred to variously
in this agreement as ‘the Company’, ‘we’, ‘us’, ‘our’) and the following (referred to in this
document as ‘the Client’, ‘you’, ‘your’):
3. Designated Adviser
3.1. The Company has designated the following employee to act in this capacity:
3.2. FCA regulations require the Adviser to hold an approved qualification and statement of
professional standing.
3.2.1. The relevant qualifications held by the above individual are:
Qualification Awarding Body Date Awarded
4. Designated Pension Specialist
4.1. In addition to its usual systems of control, the Company is required under the rules of the
FCA to arrange for the advice to the Client to be reviewed and approved by a Pensions
Specialist. The Company has designated the following employee to act in this capacity:
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4.2. FCA regulations require the Pension Specialist to hold a relevant specialist qualification.
4.2.1. The specialist qualification held by the Pension Specialist are:
Qualification Awarding Body Date Awarded
5. Client Classification
5.1. The Company has classified the Client as a ‘retail customer’. As defined under the Financial
Conduct Authority (FCA) rules, this means ‘an individual who is acting for purposes that are
outside his trade, business or profession’, which requires the Company to maintain a higher
duty of disclosure and protection to a retail customer than would be provided to a
‘professional customer’.
5.2. As a ‘retail customer’, the Client may have recourse to the Financial Ombudsman Service
in the event of a dispute with the Company reaching deadlock. The Client may also be eligible
for protection under the Financial Services Compensation Scheme should the Company be
unable to cover losses arising from its own negligence. A customer defined as ‘professional’
would not receive these protections.
5.3. If the Client believes they should not be classified as a ‘retail customer’ they will inform
the Company immediately.
6. The Company’s status
6.1. The Company is established as a limited company in England and Wales under Companies
House number 05173817
6.2. The Company is directly authorised by the United Kingdom financial services regulator, the
Financial Conduct Authority (FCA), to undertake activities regulated under the Financial
Services and Markets Act 2000. The relevant activities that the Company is authorised to
undertake include:
6.1.1 Advising on investments.
6.1.2 Advising on pension transfers and opt-outs.
6.1.3 Bringing about deals in investments.
6.1.4 Making arrangements with a view to transactions in investments
6.3. Full details of the Company’s regulated status can be found on the FCA website at
https://register.fca.org.uk/ under the ‘Firm Reference Number 402291’.
6.4. The Company provides ‘independent advice’. This means ‘a personal recommendation to
a retail client in relation to a retail investment product based on a comprehensive and fair
analysis of the relevant market, and which is unbiased and unrestricted’.
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7. Variation and termination of this agreement
7.1. The Company may terminate this agreement at any time, without penalty, subject to giving
written notice to the Client.
7.2. The Company reserves the right to change the terms stated in this agreement at thirty days
written notice to the Client.
7.3. The Client may terminate this agreement at any time, without penalty, subject to giving
written notice to the Company and payment of any outstanding fees.
8. Instructing
8.1. At the Company’s discretion, it may accept verbal instructions from the Client. However, the
Company reserves the right to request and insist such instructions be provided in writing
(which shall include facsimile and internet transmission) to avoid possible disputes.
9. Communicating
9.1. The services the Company has agreed to provide require it to communicate with the Client.
The following options are provided for the Client to receive these communications:
Client to initial the relevant boxes
I agree
I do not
agree
The Company may send postal communications to the following
address:
I agree
I do not
agree
The Company may send electronic communications to the following
email addresses:
I agree
I do not
agree
The Company may make direct contact on the following telephone
numbers:
9.2. The Client prefers to receive formal communications from the Company via:
Client to initial the relevant boxes
I prefer
I do not
prefer
Electronic communication via email
Paper communication via post
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10. Personal information
10.1. The Company is registered with the Information Commissioner’s Office (ICO) to hold
and process personal information. Details of the Company’s ICO registration can be found
on https://ico.org.uk/ESDWebPages/Entry/Z8721312 under reference Z8721312.
10.2. The Company will collect personal information from the Client(s) and relevant third
parties for the purposes of providing the services set out in this agreement.
10.3. Where the Company needs to obtain personal information from a third party, the
Company will obtain the Client(s) express consent before doing so.
10.4. The Company will not use the information for the purpose of unsolicited marketing
unless the Client(s) has expressly consented to this.
10.5. The Company will not release the information to any other source for the purposes of
unsolicited marketing.
10.6. The Company will share personal information with other financial product providers
only where necessary for the purposes of providing the services set out in this agreement.
10.7. The Company will make reasonable endeavours to keep up to date any personal
information it holds regarding the Client(s) during the period this agreement is in force.
10.8. The Company will continue to hold personal information after this agreement has
terminated in order to comply with FCA regulations or as long as necessary to reasonably
indemnify the Company against the risk of legal claims.
11. Access to records
11.1. The Client may inspect copies of contract notes, vouchers and entries in the
Company’s records relating to transactions undertaken on the Client’s behalf, provided
reasonable notice is given and such access does not affect the confidentiality of other clients.
11.2. On request by the Client, the Company will provide details of personal data it holds
on the Client in accordance with the requirements of the Data Protection Act 2018.
11.3. The Company will use reasonable endeavours to comply with requests from or on
behalf of the Client for copies of documents and information not covered under data
protection regulations.
Please note - The Company reserves the right to levy a charge relative to the costs
involved in preparing and forwarding such information.
12. Registration of financial products
12.1. The Company will register any financial products arranged for the Client in the name
of the Client.
12.2. The Company will forward to the Client all title documents relating to ownership of
the Client’s financial products as soon as practicable after receipt. Where a number of
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documents relating to a series of transactions is involved, the Company will normally hold
each document until the series is complete and then forward them to the Client.
13. Conflicts of interest
13.1. Occasions can arise where the Company, or another client for whom it may be acting,
may have some form of interest in the business being transacted for the Client(s). If this
happens, or the Company become aware that its interest conflicts with those of the Client(s),
it will obtain written consent from the Client(s) before carrying out that transaction.
13.2. Where the Client(s) have been introduced to the Company by a third party with whom
the Company has an agreement to cede part of any fees payable by the Client(s), the Company
will disclose the name of the third party and the amount of any ceding that will be paid. In
relation to the Client(s), the position is:
Name of Introducer
Percentage or amount
of fees to be ceded
14. Client money
14.1. The Company is not authorised by the FCA to hold or control client money. This
means the Company cannot accept payments from the Client where these are intended to be
passed on to third parties or payments from third parties to be passed to the Client.
15. Services
15.1. The Company will use reasonable endeavours to provide the following services to the
Client:
15.1.1. Information collection
15.1.1.1. The Company will obtain the following information from the Client and other
relevant sources:
15.1.1.1.1. The Client’s personal circumstances including wills, health, medical
record and marital status.
15.1.1.1.2. The Client’s financial affairs, including assets, liabilities, income and
outgoings.
15.1.1.1.3. The Client’s personal circumstances, financial affairs and relevant
provisions of any dependents of the Client.
15.1.1.1.4. The Client’s relevant ethical, philosophical, political views, and
religious beliefs.
15.1.1.1.5. The Client’s future goals and objectives.
15.1.1.1.6. The Client’s previous experience of relevant financial matters.
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15.1.1.1.7. The personal circumstances and financial affairs of any dependents of
the Client
15.1.1.1.8. The nature and value of the Client’s entitlement to occupational
pension benefits.
15.1.1.1.9. The nature and value of the Client’s existing financial provisions.
15.1.1.1.10. The nature and value of the existing occupational pension benefits,
contract-based pensions, and other relevant financial provisions of any
dependents of the Client.
15.1.2. Research and assessment
15.1.2.1. The Company will research and assess the following:
15.1.2.1.1. The Client’s understanding of relevant financial matters.
15.1.2.1.2. The Client’s capability and comfort in understanding and managing
relevant financial decisions
15.1.2.1.3. The Client’s psychological tolerance to investment risk.
15.1.2.1.4. The Client’s financial capacity for investment loss.
15.1.2.1.5. The Client’s statistical mortality and morbidity.
15.1.2.1.6. The Client’s need for income in retirement.
15.1.2.1.7. The earliest point at which the Client could consider retirement.
15.1.2.1.8. The appropriate level of future contributions the Client should commit
to fund the required retirement income.
15.1.2.1.9. The level of return to be targeted by the Client’s investments to meet
the Client’s prospective retirement income needs.
15.1.2.1.10. The level of return to be targeted by the Client’s investments to sustain
the Client’s retirement income needs when in payment.
15.1.2.1.11. The extent to which a transfer of pension entitlement would be prudent
and necessary, taking account of the client’s goals and objectives.
15.1.2.1.12. The appropriate arrangement of asset types to provide the potential
necessary to meet the targeted level of return.
15.1.2.1.13. The appropriate types of financial product in which the Client(s) should
make and hold underlying investments.
15.1.2.1.14. The appropriate options and features the Client should select on any
recommended financial product.
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15.1.3. Advice
15.1.2.1.15. The appropriate product provider with whom relevant financial
product(s) should be arranged, taking account of:
15.1.2.1.15.1. The options and features required by the Client(s).
15.1.2.1.15.2. The cost of the product relative to that being charged by other
providers offering similar products.
15.1.2.1.15.3. The investment performance of the product relative to that
achieved by other providers offering similar products.
15.1.2.1.15.4. The financial strength of the product provider.
15.1.2.1.15.5. The servicing standards of the product provider.
15.1.3.1. The Company will:
15.1.3.1.1. Prepare a written report setting out:
15.1.3.1.1.1. The Company’s professional recommendations.
15.1.3.1.1.2. The rationale on which the Company’s recommendation is
based.
15.1.3.1.1.3. The initial cost and future charges arising from the Company’s
recommendations.
15.1.3.1.1.4. The risks to which the Client may be exposed through
following, or not following the Company’s recommendations.
15.1.3.1.2. Meet with the Client to present the written report.
15.1.3.1.3. Answer any queries from Client.
15.1.3.1.4. Resolve any material inaccuracy subsequently identified in its advice.
15.1.4. Transactions
15.1.4.1. The Company will only arrange a transfer of an occupational pension
entitlement where it is satisfied this would be prudent and necessary for the Client.
15.1.4.2. Where the Company has recommended a transfer, and the Client wishes to
proceed with that advice, the Company will:
15.1.4.2.1. Arrange for the transfer of the relevant occupational pension
entitlement.
15.1.4.2.2. Arrange the establishment of the receiving pension arrangement.
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15.1.4.2.3. Arrange for the investment of the transfer value with the receiving
pension arrangement.
15.1.4.2.4. Where required, arrange the payment of tax-free cash entitlement from
the receiving pension arrangement.
15. Charges
15.1.4.2.5. Where required, arrange for the purchase of an annuity, or regular
capital withdrawals from the receiving pension arrangement.
15.1. Where the Company does not recommend a transfer, or if the Client does not wish to
proceed with the Company’s recommendation, the fee will be invoiced directly to the Client
for payment within 30 days.
Please note: service charges remain the same regardless of whether the Client is
recommended to transfer or remain within the occupational arrangement.
15.2. The services will be charged at the following tariff:
Transferred pension fund
Amount
£0 - £249,999 £2,000.00
£250,000 - £499,999 £2,600.00
£500,000 - £749,999 £3,200.00
£750,000 - £999,999 £3,800.00
£1,000,000 - By arrangement
16. Payment of charges
16.1. Where the Company has recommended a transfer, it will provide the Client(s) with the
option to pay charges directly or, where facilitated by the product provider, by deduction
from the Client(s) investments.
16.2. Where the Company has not recommended a transfer, it will invoice the Client directly
for payment of charges following the provision of advice, with payment being due within 30
days.
16. Special Agreements
Special arrangements and modifications to our usual terms
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17. Estimate of actual personal costs
The cost of services based on a transfer value of £[ ] will be: £
18. Agreement to proceed
18.1. The terms of this agreement will be binding once signed by the Client(s) and on behalf of
the Company by one of its directors:
Name of Client(s):
Date
Signature(s):
On behalf of Leabold Financial Management Limited:
Director
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