We've made some changes to the Plan Charges step in the following sections in readiness for MiFID II.
- Review of Your Existing Pension Plans
- Review of Your Existing Retirement Income Plans
- Review of Your Existing Investments
- New Pension Recommendation
- Drawing Benefits from Your Pension Fund
- New Investment Recommendation
New / Updated Fields
We've added 2 new optional fields to all initial and on-going annual charges:
- Transaction Charge
- Other Charges
As per the existing plan charges fields, these new fields have been deliberately designed as multi-line free text fields to allow you to provide as much or as little information as you wish about the charges affecting the plan, and in whatever format you'd prefer e.g. as a %, in £ and pence, as a narrative or as a combination of all of the aforementioned.
We've also changed the name of the existing Adviser Charge field to Adviser Service Charge, and the existing Investment Charge field to Underlying Investment Charge.
Total Charge Fields
We've made some changes to the existing Total Charge fields. Firstly we've changed the name to Aggregated Total Charge, and secondly we've changed the field type from a multi-line free text field to a pure number field.
Moving forward you'll be prompted within the Genovo app. to confirm the aggregated total charge of a plan as a %. The app. will then automatically calculate the aggregated total charge in £, based on the current fund value of an existing plan or the amount being invested in a new plan, and insert this figure in the summary of plan charges table rendered out in the report as per the example below.
Just like the existing charges fields, these new fields have been implemented as "intelligent" fields. There is no compulsion to complete these fields (although clearly when relevant we would encourage you to do so), and if you do not include any data in a particular field, that field wont be included in the summary of plan charges table that gets rendered out in your report.
If you'd like to learn more about all the changes we've made to Genovo in response to MiFID II, check out this blog we write a little time ago.