This week key client of BAT, IFAC launched its 2025 The Pension Switching auto report.
For those who subscribe to IFAC documents, you can find it inside Documents and Auto-reports. You complete the questions. The report churns out into word document for you to send.
Pension switching is a complex SR report. IFAs breath groans of despair when it comes to transferring small pots of pensions. This SR is a challenge to us all, breaking down charges before and after the switch, with adviser charges included and excluded and projected at three different rates of return, including a reduction in yield. Yikes! Multiply that by several pensions holding multiple funds, and you’ve got hundreds of numbers to input.
The structure is there for you to use freely. If you follow the questions, and there are lots of them if you are consolidating pensions, then you will finally reach a report. That report is set out at least how IFAC recommend it. With this tool BAT are just one tiny step closer to the holy grail of automation of input and output and, with BAT, auto-checking.
Other firms have input their own template SR reports, and all other documents, T&C, procedures, file check and checklist forms inside BAT are editable by firm users. BAT is the only fully functioning bespoke compliance solution for IFAs and mortgage brokers on the market.