We've added a new plan comparison step to the following review sections:

  • Review of Your Existing Pensions
  • Review of Your Existing Investments
  • Review of Your Existing Retirement Income Plans

The new Plan Comparison: Charges Comparison step will be automatically triggered if you're recommending replacement business. It will be the first of the plan comparison steps and can be used to quantify the difference in the total annual charges of the existing plan and the new plan you are recommending to replace it so it's crystal clear whether the new plan offers better or worse value in terms of on-going charges.

For example, if the total annual charges of the existing plan are 1.25% and the total annual charges of the new plan are 1.0%, the difference is -0.25%. The difference can be entered as a positive or negative number e.g 0.25 or -0.25.

The difference in monetary terms will be automatically calculated for you based on the transfer / encashment value of the existing plan, and both the percentage and monetary figures will be displayed within a table included within the new Impact of Recommended Alternative snippet that's been added to the Appendix - Plan Comparison section of the report. Here's an example of how it might look in the actual report. 

 This step is optional. If you do not enter a number in the Difference in Total Annual Charges % field, the Impact of Recommended Alternative text and table will not be inserted in your report.  

 It is entirely up to you whether you take account of any Adviser Charge in this calculation. However, it is generally considered safer to do so.