Training Guide. Premium Increases and Alterations. Verison 7

Transcription

1 Training Guide Premium Increases and Alterations Verison 7 *These accreditations belong to Avelo FS Limited **This accreditation belongs to Avelo FS Limited and Avelo Portal Limited

2 Adviser Office Workbooks Designed to fast-track you through the process of learning about Adviser Office. A quick reference summary of key procedures is provided at the bottom of each page together with handy tips and additional information. These workbooks are not designed to be detailed manuals. Each title in the Adviser Office series can be used as: a workbook for instructor-led teaching and training; a self-study guide, for self-paced learning; a resource collection for just-in-time support and information for Adviser Office users. a handy, desk-side reference guide for Adviser Office users. PREMIUM INCREASES & ALTERATIONS *

3 HELP, SUPPORT & FEEDBACK If you would like more detailed information on any subject in Adviser Office, please press F1 on your keyboard to access the Help Files. If you cannot find the assistance you need please call our Support team on If you need help regarding our training or if you require assistance (other than support queries) please contact our CRM team on or YOUR FEEDBACK IS IMPORTANT TO US We welcome your comments, good and bad. Your trainer will talk you through how to access our feedback form and record your comments on-line: Access your web browser (e.g. Internet Explorer) as usual. Type the following website address into the address box and press return on your keyboard Enter your feedback and click on the Send Feedback button at the bottom of the form. Alternatively you can your comments to

4 READ ME FIRST In case you are not familiar with the terminology, Read Me First is quite often the name given to a computer file that contains important information users should know prior to using an application. This section contains some important information so we thought we would start with a Read Me First section. Who is this book for? What skills and knowledge you ll learn What you ll need to know before the beginning The objectives of this book This book is primarily designed for people who are wanting to learn how to deal with premium increases and alterations. The skills and knowledge covered in this publication are sufficient to process premium increases and alterations in Adviser Office. This publication assumes that the learner has a basic understanding of financial services and the use of personal computers, and Adviser Office. At the completion of the course you should be able to: process single premium investments; process regular premium life plans and investments; process regular premium pensions; process single premium pensions; process DSS contributions. What you get in a chapter What you ll need to have before beginning As you work through this learning guide Other courses Where to from here Each of the chapters is comprised of a summary page listing the topics covered in that chapter. The chapter mainly then consists of single-page topic sheets pertaining to the theme of the chapter. You will need access to a PC which has Adviser Office installed on it. Make notes and highlight sections which are of particular importance to you. A number of courses are available for you - please see you trainer for further details. Have a look at the next page which explains how a topic page works and then you re ready to make a start. Enjoy! 4

5 WORKING WITH TOPIC SHEETS The majority of this book comprises single-page topic sheets. Topic Sheets will normally include the following: Topic name. General topic overview provides an introduction to the topic. Try this yourself (task based sheets) is a detailed step-by-step practice exercise for you to work through. In Reference topic sheets this is usually replaced with reference information. The For Your Reference (optional) element provides a quick summary of the steps required to perform a task. The Handy to Know (optional) element provides additional information such as alternative ways of accomplishing as task or further information providing handy tips. 5

6 CONTENTS HELP, SUPPORT & FEEDBACK... READ ME FIRST... 4 WORKING WITH TOPIC SHEETS... 5 CONTENTS... 6 CHAPTER Premium Increases & Alterations... 7 Amending a single premium contract using Plan Review method... 8 Amending a regular premium contract using the Plan Review method... 9 Amending a pension plan using the Plan Review method Adding a Single Premium to a Pension Plan DSS Contributions... 1 Amending Regular Premium Plans with New Business Wizard (NBW)... 1 Amending Single Premium Plans with New Business Wizard (NBW) Amending a Pension Plan with New Business Wizard (NBW)

7 CHAPTER 1 Premium Increases & Alterations From time to time it is necessary to make changes to existing plans. This could be due to a premium increase to a pension plan, a single premium investment to an ISA or an increase in premiums and sum assured for a flexible plan. These changes can be updated in Adviser Office against the existing plan entry. Before proceeding you will need to consider whether the change is to the existing plan or whether this represents an entirely new plan. If you intend to amend the existing plan there are two methods of dealing with this. The first is via the Plan Review and the second is to use the New Business Wizard. Recording changes to premiums requires some care in Adviser Office as the method differs slightly between plan types. Your trainer will guide you through the process. We recommend that you look at the procedures for both methods before deciding which to use. In this session you will process increases using either the New Business Wizard or Plan Review method for Single premium investments Regular premium life plans and Investments Regular premium pensions Single premium pensions DSS contributions 7

8 Amending a single premium contract using Plan Review method First access the plan to be amended in Client Management. 1 Click on the Summary Options tab to access the Plan Summary or Portfolio Summary screen and select the plan to be incremented Click on Premium History screen to view the existing contributions. Do not change the initial premium amount in the basic details screen. 1 Double click on the three dots to add new money. Use the date the money was paid to the plan here. 4 Click OK and then follow the prompt to add commission information. 5 Complete the commission screen in the usual way. Remember to add the submitted date and advice options. 6 When the policy document is received you should return to the Commission History screen within the plan and complete the Policy Received and Policy Sent to Client fields. Use an Activity Entry or Event List to remind you to do this. show the new unit holding. Use the update icon if the product provider supports this service and you are registered to use it. 4 6 NOTES 8

9 Amending a regular premium contract using the Plan Review method Examples of this type of plan are life assurance products or regular savings plans such as ISA s. 1 Click on the Summary Options tab to access the Plan Summary or Portfolio Summary screen and select the plan to be incremented. Click on Premium History screen to view the existing contributions. Do not change the initial premium amount in the basic details screen. 1 Double click on the three dots to add the new premium. Use the date the new premium is to commence and input the full amount of the new premium. 4 Click OK and then follow the prompt to add commission information. 5 Complete the commission screen in the usual way. Remember to add the submitted date and advice options. 6 When the policy document is received you should return to the Commission History screen within the plan and complete the Policy Received and Policy Sent to Client fields. Use an Activity Entry or Event List to remind you to do this. show the new unit holding. Use the update icon if the product provider supports this service and you are registered to use it. 4 6 Notes 9

10 Amending a pension plan using the Plan Review method Pension premium increases are handled differently to premium changes for other types of plan. This is necessary so that we can show the premiums paid in the appropriate tax year. 1 Click on the Summary Options tab to access the Plan Summary or Portfolio Summary screen and select the plan to be incremented as before. Click on Premium History screen and ensure this has been completed. If not then click the Pre-Fill button to populate the premium history. Return to the Basic Details screen and access the Premium Details tab. Change the Employee and/or Employer amount as appropriate to the total new contribution. 4 4 Access the Commission & Fees History screen and double click the {New Entry} line. Enter the start date for the increase and only the increment amount. 5 Complete the commission screen in the usual way. Remember to add the submitted date and advice options. 6 6 When the policy document is received you should return to the Commission History screen within the plan and complete the Policy Received and Policy Sent to Client fields. Use an Activity Entry or Event List to remind you to do this. show the new unit holding. Use the update icon if the product provider supports this service and you are registered to use it.. Handy to know Premium History is recorded differently for pensions than for any other type of plan. You can record increments, single premiums, decrements and protected rights in the Premium History. Access the correct tax year and record the information in the appropriate month and column for employer or employee amounts. Notes 10

11 Adding a Single Premium to a Pension Plan When adding a single premium to a regular premium plan, don t update the Basic Details screen. Go straight to the Premium History screen and double click on the tax year that the single premium was paid in. 1 1 Add together the single premium and any regular premium that was paid in that month and enter the total figure in the month of payment. In the example shown a single premium of was paid September 005. As Adviser Office does not prompt you to add commission for pension plans you will need to access the Commission & Fee History screen and double click on {New Entry}. Choose the type Single Premium and enter the date of the payment and the single premium amount ( in this case). If the client has increased the regular premium and also added a single premium it is necessary to add a separate commission entry for each. Complete the commission screen in the usual way. Remember to add the submitted date and advice options. 4 When the policy document is received you should return to the Commission History screen within the plan and complete the Policy Received and Policy Sent to Client fields. Use an Activity Entry or Event List to remind you to do this. show the new unit holding. Use the update icon if the product provider supports this service and you are registered to use it. 4 Handy to Know You can update the premium records in bulk for all pensions on the system where Pre-Fill has been set as above. Please see the Supervisory Functions and System Setup workbook for details (Regular Housekeeping Functions Pension Premiums). Notes 11

12 DSS Contributions The procedure is almost the same as the single premium process above. This is the only way to add a DSS Contribution to a pension as the New Business Wizard cannot be used for this task. The premium in Basic Details is not changed so go straight to Premium History. 1 Double click on the premium record for the tax year that the payment represents. The amount of DSS Contributions for that tax year is entered in the DSS Incentive box. Also add the amount to the current premium for the month and enter the amount in the month of receipt. As Adviser Office does not prompt you to add commission for pension plans you will need to access the Commission & Fee History screen and double click on {New Entry}. Choose the type Protected Rights and enter the date of the payment and the premium amount ( in this case). 1 4 Complete the commission screen in the usual way. In this case DO NOT tick submitted and indicate the advice given as this is not new business. 5 As there is no documentation to receive the Policy Received and Sent to Client can be completed now. show the new unit holding. Use the update icon if the product provider supports this service and you are registered to use it. 5. Notes 1

13 Amending Regular Premium Plans with New Business Wizard (NBW) The advantage of incrementing plans via the NBW is that you are always prompted to add the extra commission even for pensions. Click once on the plan to be incremented to highlight it and then click on the NBW icon. 1 1 Click the NBW icon and select Current Plan, New Event. Click on the Plan Details button to view the original Product Details. At this point you can update the sum(s) assured, but DO NOT change the premium or commencement date here. When you click OK you will be offered the option of calculating commission. The premium change box will appear and should be completed with the new premium amount and the effective date for the change. 4 Complete the commission screen in the usual way. Remember to add the submitted date and advice options. 5 When the policy document is received you should return to the Commission History screen within the plan and complete the Policy Received and Policy Sent to Client fields. Use an Activity Entry or Event List to remind you to do this. show the new unit holding. Use the update icon if the product provider supports this service and you are registered to use it. 5. Notes 1

14 Amending Single Premium Plans with New Business Wizard (NBW) As before, click once on the plan to be incremented to highlight it and then click on the NBW icon. 1 1 Click the NBW icon and select Current Plan, New Event. Click on the Plan Details button to view the original Product Details. DO NOT make any changes to the premium or commencement date here. When you click OK you will be offered the option of calculating commission. The premium change box will appear and should be completed with the single premium amount and the effective date of the payment 4 Complete the commission screen in the usual way. Remember to add the submitted date and advice options. 5 When the policy document is received you should return to the Commission History screen within the plan and complete the Policy Received and Policy Sent to Client fields. Use an Activity Entry or Event List to remind you to do this. show the new unit holding. Use the update icon if the product provider supports this service and you are registered to use it. 6. Notes 14

15 Amending a Pension Plan with New Business Wizard (NBW) This method is appropriate if the pension plan receives only regular premiums or only single premiums. This method cannot be used for DSS Payments. Click once on the plan to be incremented to highlight it and then click on the NBW icon. 1 1 Click the NBW icon and select Current Plan, New Event. Click on the Plan Details button to view the original Product Details. Update the premium to show the new monthly total. When you click OK you will be offered the option of calculating commission. The premium change box will appear and should be completed with the increment amount only or the single premium and the effective date for the change. 4 Complete the commission screen in the usual way. Remember to add the submitted date and advice options. 5 When the policy document is received you should return to the Commission History screen within the plan and complete the Policy Received and Policy Sent to Client fields. Use an Activity Entry or Event List to remind you to do this. show the new unit holding. Use the update icon if the product provider supports this service and you are registered to use it. 5. Notes 15