The Transfer Value Analysis System (TVAS) was designed by Selectapension, with assistance from Skandia, specifically to work with Qualifying Recognised Overseas Pension Schemes. The product was initially launched shortly after Skandia launched its Aurora Quantum QROPS with Concept Group last year as part of an exclusive deal.
The pension transfer tool, which is now available to all advisers, is designed to work out the annual yield required from the transferring pension fund in order to leave the customer with a fund at retirement equivalent to that if they stayed in their existing pension arrangement. In addition, as a QROPS-specific tool, it allows the adviser to include client-specific tax and regulation information relating to both the QROPS jurisdiction and client’s country of residence.
Once this has all been taken into consideration, TVAS will produce a report providing detailed information on the client’s existing pension as well as the recommended new product, including all the facts and assumptions as required as well as the comparison results.
Selectapension said it has now teamed with a number of additional underlying investment providers including Axa Wealth International, Novia, Transact, Royal London 360° and Friends Provident International. It added, however that should an adviser wish to use an alternate investment, the software has the capacity to build a bespoke product.
