Collective Retirement Account New business and top-ups. Application and illustration user guide

Transcription

1 Collective Retirement Account New business and top-ups Application and illustration user guide

2 Contents. Your advice. Contribution details 3. Fund selection 4. Application options 5. Payment details 6. Reveiw summary 7. Declaration Contents Client details (starting from the homepage) 3 Client details (create a new client record/search for existing client record) 4 Client details (select client record) 5 Starting the illustration/application process 6 Choose an investment range 7 Selecting the product 8 Top up 9 Your advice 0 Contribution details (contribution type) Contribution details (lump sum contributions) Contribution details (uncrystallised transfer) 3 Contribution details (crystallised transfer) 4 Contribution details (regular contributions) 5 Contribution details (immediate tax free cash and lump sum/transfer initial adviser fee) 6 Fund selection 7 Fund selection (search by fund/portfolio) 8 Fund selection (percentage to be invested) 9 Fund Selection (WealthSelect Managed Portfolios) 0 Fund selection (phasing or rebalancing) Application options application options (pension details) 3 Application options (adviser fees, charge deduction preference) 4 Application options (illustration) 5 Payment details 6 Payment details (lump sum payments) 7 Payment details (regular payments) 8 Payment details (confirmation) 9 Payment details (additional information) 30 Review summary 3 Review summary (continued) 3 Declaration 33 Declaration (submit application) 34 Application confirmation 35 Finding and reviewing the submitted application 36 Finding a partially completed application 37 Continuing a partially completed application 38 What happens next?

3 Client details (starting from the homepage). From your homepage, select the Clients tab.

4 Client details. Create a new client.. Or search for their name. 3

5 Client details (select client record). Select the client s record to access their details. 4

6 Starting the illustration/application process. To submit a new investment or top-up application, select New investment.. Select the Illustration option if you require an illustration only at this stage and do not wish to to enter additional information required for an application, such as payment details. You can only produce an illustration for phased drawdown using this option. Please read the Collective Retirement Account Phased drawdown illustration user guide on our Literature Library for more information on how to do this. Tips: The illustration option can be turned into an application should you wish. Illustrations can also be generated during the New investment process. Your illustration or application is saved each time you move to the next step in the process, and you can access it again at any time on this page, in the Latest Activity tab. The following pages show you how to do an application through New Investment. 5

7 Choose an investment range. Select the investment range for the application.. Select Proceed. 3. If you are going to be topping up an existing Collective Retirement Account, choose the investment range that the account is in. If you wish to top it up using the other investment range, exit this application process and submit a Swap investment range instruction from the account page, before doing the top-up. Tips: More information on the SelfSelect and WealthSelect investment ranges is available on our adviser website: For guidance on how to change the investment range on an existing account, please read the Swap investment range user guide on our Literature Library. 3 6

8 Selecting the product. Select the Collective Retirement Account.. Then Next. Tip: Hover over the? icon to display a help tip. 7

9 Top-up. If the client has an existing Collective Retirement Account, you will be asked if you want to open a new account, or to top up the existing account.. If you choose to top up the account and the investment range you selected at the start of this process is different to the range already set up on the account, you can proceed with the top-up using the investment range it is currently in. 3. Or exit the application and swap the investment range. 3 8

10 Your advice. Enter details of the advice given for this transaction, and the individual that should receive any remuneration from it.. Select the Go to contribution details button. Tip: A green tick icon will display next to each correctly completed step. You will not be able to proceed to the next stage without completing all required details. A top-up to a policy can be submitted on a different charge basis, for example can move from charge basis to charge basis or charge basis 3. Please visit our website at 9

11 Contribution details (contribution type). To enter one or more payment type, expand the section by selecting the Add option, or Expand all sections. Tip: Your progress through the application is tracked on this bar at the top of the page. To revisit a page, select it on the bar.. 0

12 Contribution details (lump sum contributions). Enter the details of the payment, and select Save. You can return to this section multiple times if you have more than one payment to enter. Tip: If the payment source is Investor or Third Party, the contribution can be entered gross or net of basic rate tax. The total gross or net figure will be shown in the blue box.

13 Contribution details (Uncrystallised transfer). Enter the details of the transferring scheme and transfer value, and select Save. You can return to this section multiple times if you have more than one transfer to enter.

14 Contribution details (crystallised transfer). Enter the details of the transferring scheme.. Confirm the current drawdown basis of the pension being transferred. 3. Enter the transfer amount. 4. Select Save

15 Contribution details (regular contributions) Regular contributions:. Enter the details of the payment and initial adviser fee. Select Save. You can return to this section multiple times if you have more than one payment to enter. Note: You can enter Direct Debit details for regular investor contributions online, at the Payment details stage later in the application process. 4

16 Contribution details (immediate tax free cash and lump sum/transfer initial adviser fee). The contributions you have entered are summarised. Select a saved contribution to edit the details.. Confirm if immediate tax free cash is to be taken (for uncrystallised transfers and lump sums only). This option will only show if the client has reached the normal minimum pension age. 3. If a lump sum or transfer has been entered, confirm the initial adviser fee basis. 4. Select Go to fund selection

17 Fund selection. To view and select funds, expand the page using the Select funds link. Tip: The details you have entered on each previous page are summarised on the right of the screen. To view details of the other sections you have completed, select the section title. 6

18 Fund selection (search by fund/portfolio). Choose either to search for a Managed Portfolio (if using the WealthSelect investment range), one of your own portfolios, or to search by funds.. Start typing the name of the portfolio/ fund, or select the View all funds option. 3. As you type in the name of the portfolio or fund, matching results will be shown in a list below for you to select from. 4. Select the fund/portfolio and the Add button at the end of the page. 3 4 Tip: Select Save and exit at the top right of the screen if you want to stop working on the application at any point. It will be saved in the client s record, in the Latest Activity tab. For top-up applications the existing fund choice will automatically populate. Only funds/portfolios relevant to the investment range and product selected will be returned by your search. 7

19 Fund selection (percentage to be invested). The fund or portfolio you add will be entered into the table below.. Enter the percentage to be invested into each fund, or select Split equally. 3. To remove a fund, tick the box next to it and select Remove. 4. When finished, select Save. 3 Tip: You can save the funds you have selected or the portfolio you have edited as a new portfolio. 4 8

20 Fund selection (WealthSelect Managed Portfolios) The Managed Portfolios for the account type you have selected will be displayed.. You can filter them using the investment strategy dropdown box to show just income or growth versions of the portfolios.. Select the Managed Portfolio. 3. Select Save. 3 9

21 Fund selection - (phasing or rebalancing). Add phased investment or automatic rebalancing to the application if required. Only one of these options can be chosen.. Select Go to application options when finished. Notes: Phased investment and automatic rebalancing will not be available to select if you are doing a top-up, or have chosen a WealthSelect Managed Portfolio. 0

22 Application options. The next stage is broken down into these sections.. Select the title of each one to view individually, or select Expand all sections to view all of them.

23 APPLICATION OPTIONS (phasing or rebalancing). Enter the client s selected retirement date. Steps -6 will only display if you have chosen immediate tax-free cash and/or a crystallised transfer.. If you have entered a crystallised transfer which is currently on a capped basis, confirm if the ongoing basis after the transfer has completed will be capped or flexiaccess. If not, flexi-access will be the only available option. 3. Enter the next review date. 4. If you have entered a crystallised transfer on a capped basis, enter the GAD basis amount and the total withdrawals taken in the current pension year. 5. Enter the amount of income required and the frequency. 6. The deduction preference for withdrawals is automatically set to Proportionally across all funds as the only available option. 7. Go to the Adviser fees section

24 Application options (adviser fees, charge deduction preference). Add details of any servicing fee you wish to take, and the frequency. This can be a percentage or monetary amount, and VAT can be added on top. Selecting nil at this stage for a top-up application will mean that any existing fee arrangements on the account will continue.. Select the method of deduction for the charge. This will also apply to the Product Charge (This was formerly known as the Platform Charge ). 3. Add a switch fee, if required. 4. Go to the Illustration options section. Application and illustration user guide Notes: A signed Adviser Fee Authorisation form will be required if you are requesting any fees. You can print off a pre-populated form from this page. The deduction preference will be set to proportionally across all funds if you have chosen a WealthSelect Managed Portfolio. If you have not entered a crystallised transfer, you will be given the option to select Client specified funds as the deduction preference for adviser fees and charges. Units will be deducted proportionately across the funds you select

25 Application options (illustration). The Product Charge (formerly known as Platform Charge) is a tiered charge based on the client s total holdings on the platform. If the client has any additional holdings on the platform to be taken into account when calculating the charge for the illustration, select Yes and add in their total value. If not, select No.. Enter details of the expected retirement age/date, annuity escalation and type of illustration. If there is a crystallised transfer, you will be asked to confirm additional details on the current income basis and review dates. 3. Select Get illustration to generate an illustration based on the details you have entered. 4. When finished, select Go to payment details

26 Payment details. Select Enter payment details for any lump sum or regular contributions you have saved. This step will not show if you have saved a transfer as the sole contribution. Please turn to the next page to enter payment details for a lump sum contribution. Or skip to page 7 for instructions on entering payment details for regular contributions. 5

27 Payment details (LUMP SUM PAYMENTS). Enter the details of the payment method. The Debit Card option is only available for contributions up to 99, If selected, you will be taken to a secure third party site to make the payment. You will then be returned to this application to submit it to us.. Select Save when finished. Notes: Successful payments made by Debit Card before the cut-off point (normally 0:30) for applications without an adviser initial fee selected, will be traded at the dealing point on the following working day after you submit the application. 6

28 Payment details (regular PAYMENTS). Select the Direct Debit method as online or post. If you choose Post, a link to the Direct Debit mandate will appear for you to print and complete.. if entering details online, read the statement and confirm your agreement to the terms. 3. Read the script to the client and enter the details they confirm. 4. enter the bank account details and save them. Select the saved bank account details. 5. tick the box to confirm the account holder is the client and read the script below to the client. 6. Select Save. 3 Notes: Direct Debit details can only be submitted online for investor contributions and the bank account must be in their name. If you are setting up a Direct Debit online for regular payments, you must enter the details in the presence of the client and you will be prompted to read out a script to ensure compliance with BACS rules

29 Payment details (confirmation). The payment details you have saved are now displayed. If the client is transferring the money into our bank account, the bank details are provided.. Select Edit to change. 3. Or Go to review summary when finished. 3 8

30 Payment details (additional information). Any additional information we need to complete the application is requested here.. Select Next when finished. 9

31 Review summary The details you have entered so far are confirmed in the Review summary page.. A printable summary is available.. Select Edit to change any details as required. 3. Documents we require are shown in the yellow box on the right, with additional supporting documents you may need underneath. 3 30

32 Review summary (continued). After reviewing the application summary, select Go to declaration at the end of the page. 3

33 Declaration. Select the boxes to agree to the relevant declarations. 3

34 Declaration (submit application). If you have selected a WealthSelect Managed Portfolio, confirm agreement to the declaration.. Use the Submit application button to send the instruction to Old Mutual Wealth. 33

35 Application confirmation Confirmation that the application has been received is displayed.. Any additional actions you need to be aware of are displayed in the blue bar.. Links to required documents are shown in the yellow box. 3. A confirmation will have been sent to the address displayed. Send a copy to a different address here. 4. View a summary of the application. 5. End the process by selecting Finish and return to client details. Tip: We will not invest money from an application on which an adviser initial fee has been requested until we have received the completed and signed Adviser Fee Authorisation form

36 Finding and reviewing the submitted application. The application you have submitted is displayed in the Latest Activity tab in both the client s record, and on your homepage. Select it to view the information entered on the application. It cannot be edited after it has been submitted.. After the application has been invested and an account set up, documents confirming the investment will be found in the Documents tab. 35

37 Finding a partially completed application. Your saved application is kept in the client s record, under the Latest Activity tab.. Select it to view and edit. Tip: Use the Delete option if you want to remove applications that will not be proceeded with from the client s record. 36

38 Continuing a partially completed application. Each section you previously completed has been automatically saved, and is shown in the Summary.. To continue the application, firstly go through each saved step to check the details are still correct, by using the Go to buttons at the end of each page. You cannot jump to the first uncompleted section. 37

39 What happens next? The requirements for processing applications differ depending on the investment type, contribution method and remuneration options selected, for example. The following information is intended as guidance only the specific documents required and any other instructions you need to follow are confirmed during and at the end of the online application process, and are based on the details you have entered.. Arrange for the following to be sent to us, as applicable: the payment. documents such as the signed Adviser Fee Authorisation form, Direct Debit mandate, Expression of Wish form, Benefit Crystallisation Event form, transfer discharge forms. Note: We will not invest money from an application on which an adviser initial fee has been requested until we have received the completed and signed Adviser Fee Authorisation form.. Once we have received all requirements we will set up the account, and invest the payment where applicable. Please read the Collective Retirement Account Terms and Conditions on our Literature Library for more information. 3. A contract note confirming the investment will be issued to the client, typically two working days afterwards. A copy will be available for you to view in the client s record, in the Documents tab. Calls may be monitored and recorded for training purposes and to avoid misunderstandings. Old Mutual Wealth is the trading name of Old Mutual Wealth Limited which provides an Individual Savings Account (ISA) and Collective Investment Account (CIA) and Old Mutual Wealth Life & Pensions Limited which provides a Collective Retirement Account (CRA) and Collective Investment Bond (CIB). The WealthSelect Managed Portfolio Service is provided by Old Mutual Wealth Limited and Old Mutual Wealth Life & Pensions Limited Old Mutual Wealth Limited and Old Mutual Wealth Life & Pensions Limited are registered in England and Wales under numbers and respectively. Registered Office at Old Mutual House, Portland Terrace, Southampton SO4 7EJ, United Kingdom. Old Mutual Wealth Limited is authorised and regulated by the Financial Conduct Authority. Old Mutual Wealth Life & Pensions Limited is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. Their Financial Services register numbers are and respectively. VAT number PDF8806/6-0765/July 06 38