Pension Review Report

Afternoon all, i have a client who has been in to see the IFA for a pension review, she has 5 Dc schemes and 3 DB and wants a report reviewing all. I am familiar with the requirement for reviewing 1 pension but not with reviewing so many has anyone got a template that you would use in this scenario or have any advice you could offer in regard to which route to take?


  • Do you mean in terms of what the report output would look like? We would just have 8x reviews. There's no shorthand way of doing this, they all need to be reviewed in their own right - the benefit of a consolidated approach is quite a weak 'reason why'.

    You'd probably find additional summary sections are needed too, to tie everything back together.

  • Thanks for replying, yes i was referring to the output and was hoping you would say there was a shorthand way but feared there would not be, i will make a start on the individual reports

  • Perhaps I am misunderstanding but I wouldn't be writing 8 x reports. I would write one suitability letter for the DC and another for the DB.

  • I would compile 8 x pension summaries in a table using a template on Excel covering the main points on each.

    E.g., for the DC schemes it would be fund and transfer value, penalties, investment strategy, available funds, charges, retirement options if relevant, and any guarantee elements. It's quite easy to put together a simple template that matches your company font and branding so it fits with reports.

    DB reviews are of course a little more tricky and will probably take longer to put together, but I guess it depends on the depth of review the adviser is looking for and whether obtaining an annual statement plus CETV is enough to then work with using in house software or an external provider, or if they want you to pester the scheme administrators and actuaries for huge amounts of data on scheme funding etc. If you're lucky, some of the data and reports might be online.

    I'd use those spreadsheets as foundations for the main report (up to the adviser if they want the tables included in the body or as appendices) and cover the salient points of the pensions in one report, drawing it all together in line with the client's objectives. That way the report can be palatable for the client and doesn't have to cost the amazon rain forest in paper.

    I'd call that a stage one report, chat it over with the adviser with some prospective suggestions if improvements can be made, and then offer a 'stage 2' report if deemed necessary which could be anything from a simple fund change in one or two, to full consolidation.

  • Yes, I meant 1 report with the reviews within it. But I think the original question was more to find a streamlined way of completing 8 reviews (whether in 1 report or 8)?

  • JonaJona Member

    We do similar to @Jamie_Barnes
    Brief overview of DC plans and initial TVAS summarised in a short "initial review" report and present this alongside our cash flow software so we can begin to narrow down the case direction of travel.

  • NathNath Member

    Yes, agree 1 report with reviews contained plus cashflow outputs etc. No shortcut, however, the client just needs to be charged accordingly for the analysis and make it clear it needs paying whether they accept any recommendations are not and is for the analysis/planning. We would go with a fixed, non contingent fee for the analysis of goals, objectives, pensions and planning report. Then implementation/ongoing charges if recommendations implemented.

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