Retirement Account New Business User Guide

Transcription

1 Retirement Account New Business User Guide

2 Retirement Account New Business This guide will help you when you re using the Zurich Intermediary Platform. It will take you through the screens needed to create a new Retirement Account application for either a new or existing individual portfolio. If you have already completed a pension illustration, please see pages of our Retirement Account Illustration guide to complete the purchase. Included are instructions on how to set-up in specie and cash transfers, single and regular payments, an expression of wish and discretionary trust. Crystallisation of benefits is covered in our Pensions Payments Out guide. The guide can also be accessed by clicking the icon at the right hand side of the page, this feature is on all screens of the Platform. Once familiar with the system, this guide can be used as a reference document. Helpful icons on the Zurich Platform Contents Zurich Portfolio Structure 3 New or Existing Zurich Portfolio 4 Step 1: Adding Client Details 5 Helpful information Enables you to edit the information Enables you to delete the information Denotes a mandatory detail. You must complete mandatory details to be able to move forward Step 2: Adding a Transfer in 12 Step 3: Open Accounts and set up Payments in 18 Step 4: Asset Allocation and Remuneration 22 Step 5: Define Pension Details 27 Step 6: Submitting the Account 33 Enables you to save your work and exit the process. You can restart the process by selecting the item in your Work in Progress Expands the information Denotes that the portfolio is linked Retirement Account New Business User Guide 2

3 The Platform holds accounts (product wrappers) within a defined structure called a Zurich Portfolio (Portfolio). Zurich Portfolio Structure An account is the tax wrapper that the client is investing through. On the Platform we offer an Investment Account, Cash ISA, Stocks and Shares ISA and Retirement Account. There is also a Cash Account for managing payments. All assets are held within an account. A Portfolio can be held by an individual, jointly, by trustees or, in the case of International Portfolio Bond, Zurich as the third party provider. The diagram illustrates the relationship. The Retirement Account and ISA s can only be held by individuals so the Portfolio will be held in the name of that client only. An Investment Account on the other hand can be held in an individual or joint Portfolio. A trustee Portfolio and a Portfolio taken out by a third party provider can only held as an Investment Account. Customer Portfolio Individual Cash Account Mr. Client Joint Cash Account Mrs. Client Individual Cash Account This structure ensures that clients only have access to the Accounts that they own. In the example you can see here, Mr Client s Portfolio holds his Stocks and Shares ISA, Retirement Account and Investment Account. He also has a joint Portfolio with his wife holding a joint Investment Account. Accounts Cash Cash Investment Account Stocks and Shares ISA Cash Investment Account Cash Cash Investment Account Stocks and Shares ISA Cash Retirement Account Cash Retirement Account Retirement Account New Business User Guide 3

4 New or Existing Zurich Portfolio New portfolio To add a client to the Platform you need to create a new Portfolio. This will hold the client information such as name, address, bank details and risk assessment. To create a new client portfolio select New portfolio > New portfolio checklist and go to Step 1. Existing portfolio If the client already has a Portfolio and wishes to open a new Retirement Account you must first open their existing Portfolio. To do this select Existing portfolio > Portfolio Search. Complete one or more of the Portfolio search options and click Search. Click on the desired Portfolio, this will take you to the Portfolio dashboard. Click Existing portfolio > Existing portfolio new business checklist and go to the Adding transfers, Accounts and payments in section. Retirement Account New Business User Guide 4

5 Step 1: Adding Client Details From the Firm dashboard select New portfolio > New portfolio checklist. This is the summary screen. Each section has a set number of screens within it, indicated by the number on the right. When a section is complete you ll be returned to this screen to review and confirm your progress. You can leave a section before completing all the screens. The Platform will save the information entered and the summary screen will show your progress. Click Start. Retirement Account New Business User Guide 5

6 Step 1: Adding Client Details (continued) 1.1 Portfolio details This screen is where you add the client s details and shows the firm and adviser details that will be applied to the Portfolio. Complete the relevant & mandatory Portfolio details. Click Add client details. Complete the relevant & mandatory Personal details. Click Add. TIP Access to client website Read only enables client access to the client website and is mandatory for paperless communication from Zurich. TIP The Find option allows you to pre-populate the client s details if they already have an existing Portfolio. Retirement Account New Business User Guide 6

7 Step 1: Adding Client Details (continued) The client s details are now shown in the Portfolio details table. Click Next. 1.2 Contact details Click Add contact to enter the client s address, telephone number and address. Retirement Account New Business User Guide 7

8 Step 1: Adding Client Details (continued) Complete the Contact details. Click Save. Then once you click Save, the Contact details window closes and The entered details are now shown in the Contact details table. And then you can click Next. (Next is hidden by the pop-up). The entered details are now shown in the Contact details table. 1.3 Bank account details On this screen you can add one or more bank accounts for ease of administration of future withdrawals and payments onto the Platform. TIP Bank account details do not need to be added at stage however they are mandatory and must be entered before the Portfolio can be submitted. Click Add bank account. Retirement Account New Business User Guide 8

9 Step 1: Adding Client Details (continued) Complete the Bank account details. TIP Click Find to pre-populate the bank address using the sort code entered above. TIP If multiple bank accounts are to be added it is recommended that the account name clearly identifies the account. Click Add. Then once you click Add, the Bank account details window closes and then you can click Next. (Next is hidden by the pop-up). The entered account details are now shown in the bank account details table. TIP Repeat the previous steps for additional bank accounts. 1.4 Anti-money laundering This screen is for confirmation that the relevant anti-money laundering requirements have been met. Complete the Anti-money laundering details. Click Next. Retirement Account New Business User Guide 9

10 Step 1: Adding Client Details (continued) 1.5 Risk assessment This screen offers the option to enter the details of a client s previous attitude to risk assessment or perform a new risk assessment using Advisa Centa s Attitude to Risk Profiler tool. TIP This section is not mandatory. Complete the Risk assessment details. Click Next. 1.6 Confirmation This is the final screen in the Client details section. Click on any of the section headings or Previous to review and edit the information. By clicking Next you are confirming that all information entered previously is correct. This information will be locked and no longer available to edit. If ready to move click the check box and then click Next. Retirement Account New Business User Guide 10

11 Step 1: Adding Client Details (continued) Once client details have been successfully added you will be returned to the summary screen and the details can be reviewed by clicking Review. The summary screen displays the available options that can be set-up on the Portfolio. Click the check box to select one or more of the following: Add transfer in details see Step 2. Open account and set up single and regular payments in see Step 3. Add notepad items see our Notepad guide. Click Continue. Retirement Account New Business User Guide 11

12 Step 2: Adding a Transfer in You can set up multiple transfers, both cash or in specie. The details will be displayed here in the Transfer in table after completing the following steps. Click Add transfer in. For In specie transfer see 2.1a. For Cash transfer see 2.1b. 2.1a In specie transfer Select Retirement Account. Complete the relevant and mandatory transfer details. For crystallised transfers this will include the type of drawdown arrangement and details of any current income being taken. Click Add. TIP When confirming whether the transfer contains crystallised and/or uncrystallised elements, the additional mandatory questions will be displayed. Retirement Account New Business User Guide 12

13 Step 2: Adding a Transfer in (continued) The Asset selection screen allows you to select the assets you wish to invest in. This can be done from either a previously created Shortlist of preferred assets or the entire list of assets held under the Universe tab. Select assets from Shortlist, Model portfolio or Universe. Alternatively you can allocate the cash to an Investment adviser. Enter at least one search criteria after selecting the asset Type. Click search. Click the check box to select an asset. Click Add. Click Ok. TIP More than one asset can be selected prior to clicking Add. TIP Search options allow you to narrow the asset list. TIP Evaluate Portfolio allows you to report on your selected assets in the FE tools. TIP If your firm has set a Preferred universe, which you do not wish to use, you will need to deselect Preferred universe to see all assets. TIP For allocation of cash or assets to an investment adviser, please see our Appointment and Removal of Investment Advisers guide. Retirement Account New Business User Guide 13

14 Step 2: Adding a Transfer in (continued) The assets selected are now displayed in the Transfer in table. Enter the date the assets were last valued under Units held as at and the number of units held for each asset. Click the check box to indicate if assets are already Crystallised. If you wish to exclude assets from the disinvestment strategy, click the check box to select Treasured. Click Compute estimated value. Repeat the process for additional in specie transfers. To add a cash transfer see 2.1b. Once all transfers are complete click Next and go to 2.2. TIP If you need to add more assets than previously selected click the icon. This will reload the Asset selection screen. Retirement Account New Business User Guide 14

15 Step 2: Adding a Transfer in (continued) 2.1b Cash transfer Select Retirement Account. Complete the relevant and mandatory transfer details. For crystallised transfers or transfers for immediate crystallisation, this will include the type of drawdown arrangement and details of any current income being taken. Click Add. TIP When confirming whether the transfer contains crystallised and/or uncrystallised elements, the additional mandatory questions will be displayed. Note: Any initial remuneration that you specify for cash transfers which are to be immediately crystallised will be used for illustration purposes only. After crystallisation of the completed transfer, you can request a one-off remuneration payment. TIP Charges are taken from the available cash holding within the account, if there is insufficient cash you will be sent an alert and the Disinvestment Strategy will be triggered if necessary. Retirement Account New Business User Guide 15

16 Step 2: Adding a Transfer in (continued) Enter the Current value and the valuation date under Units held as at. Repeat the process for additional transfers. Click Next. 2.2 Confirmation This screen sets out the situations when we will not accept a pension transfer. This is the final screen in the Transfer in section. Click Previous to review and edit the information. If you are ready to move on, click the check box and then click Next. Retirement Account New Business User Guide 16

17 Step 2: Adding a Transfer in (continued) TIP Click Review to view the information completed or Edit to make changes. Click Continue. If you have not selected to Open Account and set up payments in go straight to Step 4. Retirement Account New Business User Guide 17

18 Step 3: Open Accounts and Set up Payments In This screen allows you to add payments into the Portfolio. Once a payment has been added it can be allocated to an account. One payment in can be allocated to multiple accounts and multiple payments in can be allocated to one or more accounts. 3.1 Payment setup Click Add payment. Payment information Complete the mandatory fields. Regular payments you must allow at least 10 working days to set-up a regular payment. Click Add. Then once you click Add, the Payment information details window closes and then you can click Next. (Next is hidden by the pop-up). The payment details that you have set-up are now displayed in the Payment setup table. TIP Repeat the process for additional payments in. Retirement Account New Business User Guide 18

19 Step 3: Open Accounts and Set up Payments In (continued) 3.2 Product allocation The payments in details are shown in the product allocation table. Click the icon to allocate a payment to an account. Select Retirement Account. Complete the relevant and mandatory payment details. Click Add. Retirement Account New Business User Guide 19

20 Step 3: Open Accounts and Set up Payments In (continued) The accounts are now displayed in the Product allocation table. Enter the Amount required for each account and if applicable any phased investment details in the Am. to phase field. Select if the payment is eligible for Tax relief. The Platform will automatically calculate the contribution gross of basic rate tax relief. Click Next. 3.3 Confirmation This is the final screen in the Open Account and set up payments in section. Click Previous to review and edit the information. If ready to move on, click the check box and the click Next. Retirement Account New Business User Guide 20

21 Step 3: Open Accounts and Set up Payments In (continued) TIP Click Review to view the information completed or Edit to make changes if required. Click Continue. Retirement Account New Business User Guide 21

22 Step 4: Asset Allocation and Remuneration 4.1 Allocation This screen allows you to allocate the payments into the account and will show a summary of those selected. Select to show allocation in Percentage or Amount. In-specie transfer allocation of an in-specie transfer will have already been recorded. If there are no further payments or cash transfers click Next and go to 4.2. You can allocate single and regular payments, and cash transfers to either cash, assets or a combination of both as follows: Cash enter the percentage or monetary amount adjacent to Cash for each payment type. Assets click the check box to select the Account, click Choose assets. Retirement Account New Business User Guide 22

23 Step 4: Asset Allocation and Remuneration (continued) The Asset selection screen allows you to select the assets you wish to invest any Cash transfers and/or Payment in into. This can be done from either a previously created Shortlist of preferred assets or the entire list of assets held under the Universe tab. Select assets from Shortlist, Model portfolio or Universe. Alternatively you can allocate the cash to an Investment adviser. Note: Crystallised flexi-access cash transfers cannot be allocated to an Investment Adviser model portfolio as part of the new business process. Enter at least one search criteria after selecting the asset Type. Click search. Click the check box to select an asset. Click Add. Click Ok. TIP More than one asset can be selected prior to clicking Add. TIP Search options allow you to narrow the asset list. TIP Evaluate portfolio allows you to report on your selected assets in the FE tools. TIP If your firm has set a Preferred universe, which you do not wish to use, you will need to deselect Preferred universe to see all assets. TIP For allocation of cash or assets to an investment adviser, please see our Appointment and Removal of Investment Advisers guide. Retirement Account New Business User Guide 23

24 Step 4: Asset Allocation and Remuneration (continued) Allocate the whole amount of the payment or transfer. If you wish to exclude assets from the disinvestment strategy, click the check box to select Treasured. Click Next. TIP Charges are taken from cash within an account. If there is insufficient cash then the disinvestment strategy will be triggered. 4.2 Remuneration This screen is where you select the desired disinvestment strategy for the Portfolio and define the remuneration. Remuneration will only be deducted once the client(s) s signed authority has been received. Select the Disinvestment strategy and Ongoing remuneration frequency. Enter the Amount or Percentage of initial, regular initial and ongoing remuneration. Where regular initial remuneration has been input, you will need to select the payment frequency and number of deductions, the maximum number of deductions being 48. Click to Calculate the estimated monetary amounts. Click Next. Retirement Account New Business User Guide 24

25 Step 4: Asset Allocation and Remuneration (continued) 4.3 Confirmation This is the final screen in the Asset allocation and remuneration section. The Platform automatically generates the required documents for downloading. Click Previous to review and edit the information. Any changes you make will be reflected in the documents produced. By clicking Confirm you are confirming that all information entered previously is correct. This information will be locked and no longer available to edit. TIP If bank details were not previously entered, they must be added before moving on. TIP To add bank account details click cancel to return to the checklist summary and click the edit button adjacent to client details. Follow the checklist through. Anywhere you see details will need to be confirmed by clicking and saving. When the is displayed you can move on. Retirement Account New Business User Guide 25

26 Step 4: Asset Allocation and Remuneration (continued) TIP Click Review to view completed information. The icon indicates the information is locked and no longer available to edit. Click Continue. Retirement Account New Business User Guide 26

27 Step 5: Define Pension Details This screen allows you to add a trust or an expression of wish to help the Trustee pay out benefits in line with your client s wishes. If you have selected to set up a discretionary trust go to 5.1a. If an expression of wish is required go to 5.1b. If neither of the above are required go to 5.2. TIP If crystallised benefits have been transferred in, you will be given the option to set up a death benefit nomination for this after selecting Do you want to setup an allocation for the crystallised element. 5.1a Set up discretionary trusts Click Add beneficiary. TIP To add a Trustee, select Add beneficiary. TIP The client will automatically be added as a Trustee, you will need to add a minimum of one further Trustee and one potential beneficiary. Retirement Account New Business User Guide 27

28 Step 5: Define Pension Details (continued) Complete the relevant and mandatory trust details. Click Add. Click Next and go to b Set up expression of wish Click Add beneficiary. Retirement Account New Business User Guide 28

29 Step 5: Define Pension Details (continued) Complete the relevant and mandatory details. Click Add. Click Next. TIP The Find option will enable once the Country is selected. Retirement Account New Business User Guide 29

30 Step 5: Define Pension Details (continued) 5.2a Pension protection Complete the mandatory fields. Click Next. The intended retirement date must be at least one month in the future, even for immediate crystallisation cases. This is to ensure a valid projection is provided in the illustration. In addition, where regular contributions are being paid into the Retirement Account, the intended retirement date must be at least one month after the date of the first regular payment. However, to provide a complete illustration, this should be the date at which contributions are expected to cease. TIP A figure is required in the total Zurich investment value field to calculate Platform charges, which are incorporated into the illustration. The Platform will recognise Retirement Account investments, therefore exclude these amounts from the total investment value. TIP For clients aged 55 and over and where only a payment in is being made, we request the current MPAA status of the client. We do not ask this where transfers are being made as this information will be provided by the ceding scheme. Retirement Account New Business User Guide 30

31 Step 5: Define Pension Details (continued) 5.2b Pension income On this screen additional information is requested regarding any protection or life time allowance factors relating to the pension. Retirement Account New Business User Guide 31

32 Step 5: Define Pension Details (continued) 5.3 Confirmation N.B. By clicking Next you are confirming that all information entered previously is correct. This information will be locked and no longer available to edit. If ready to move on, click on the check box and click Confirm. TIP Click Review to view completed information. The icon indicates the information is locked and no longer available to edit. Click Continue. Retirement Account New Business User Guide 32

33 Step 6: Submitting the Account 6.1 Documents Required documents are now available to download. Click Next. TIP Once the Status of all documents is Complete click to Consolidate all documents into one PDF. 6.2 Declaration If ready to move on, click on the check box and click Submit. Retirement Account New Business User Guide 33

34 Step 6: Submitting the Account (continued) The process is now complete and the details can be reviewed by clicking Review. Click to go to Firm dashboard. TIP On receipt of the relevant documentation the Portfolio will be activated and can be accessed via the Existing portfolio tab. Retirement Account New Business User Guide 34

35 Zurich Intermediary Platform A better business experience NP (04/15) RRD For use by professional financial advisers only. No other person should rely on or act on any information in this advertisement when making an investment decision. This advertisement has not been approved for use with clients. Zurich is a trading name of Sterling ISA Managers Limited. Sterling ISA Managers Limited, authorised and regulated by the Financial Conduct Authority. Registered in England and Wales under company number Registered Office: The Grange, Bishops Cleeve, Cheltenham, GL52 8XX. Zurich Life Assurance plc is authorised and regulated by the Central Bank of Ireland and subject to limited regulation by the Financial Conduct Authority for the conduct of insurance business in the UK. Registered office: Zurich House, Frascati Road, Blackrock, Co Dublin, Ireland. Registered in Ireland under company number