Terms of Business / Retail Client Agreement
This document sets out our Terms and Conditions for business and includes a summary of the products and services that Pensions Matter Ltd offers as well as how we charge for our services.
These Terms and Conditions of Business must be read in conjunction with any fee or service agreement issued to you by Pensions Matter Ltd, and must also be read in conjunction with any ﬁnancial planning report, Suitability Letter, product particulars and Key Features Document issued to you by Pensions Matter Ltd.
These Terms (together with the documents referred to in them) govern the use of our Website, http://www.pensionsmatter.org/ the (“Website”). Please read these terms carefully before you start using our Website. If you do not agree with these terms; or if you are not a UK resident, you must NOT use this Website. By using this Website you are accepting these terms. If you have any questions about these terms or have a general query, please get in touch. You can find out our contact details by clicking on this link: Contact Us
Information about us and our website
http://www.pensionsmatter.org/ is a Website operated by Pensions Matter Limited (“We” and “Us”). We are registered in England and Wales under company number 6721152. Our registered office is: 4 Cedar Court, Blakelands, Milton Keynes, MK14 5GA.
We are authorised and regulated by the Financial Conduct Authority as an appointed representative of Bluesky Wealth Management Ltd. Bluesky Wealth Management Ltd is entered on the FCA’s register and their FCA registration number is 446963. You can check this on the Financial Services Register by visiting the FCA’s website http://www.fca.org.uk/firms/systems-reporting/register/ or by contacting the FCA on 0800 111 6768
The Financial Conduct Authority can be contacted at:
25 The North Colonnade
London E14 5HS
or by visiting their Website: http://www.fca.org.uk/site-info/contact/
Accessing our Website and Content
We will always try to provide you with uninterrupted access to our website, but we cannot make any promises about this and may terminate, suspend or restrict your access to our Website at any time.
Our Website changes regularly
We make every reasonable effort to ensure that the content available to you on our website is up to date and accurate and for this reason we make changes to our website on a daily basis. Accordingly it is generally not possible to notify you about any changes that we make to our website.
Changes to these Terms and Conditions
We may need to amend or change our terms and conditions from time to time. You will still need to agree to them, so you should regularly check this document when you use our website. It is important that you do this because if you keep using our website, we will assume that you have agreed to any changes that we have made to our terms and conditions. These terms and conditions were last updated on 1st April 2013.
We use reasonable endeavours to ensure that the data on our Website is accurate and that our service is reliable. Like any other business, we try to correct any errors or omissions in Our Website as soon as practicable after being made aware of them. However, we cannot provide you with any guarantee about this. We also cannot guarantee that Our Website or the data on it will be fault free, uncorrupted or free of viruses which may harm your computer.
It is important for you to be aware that Our Website also contains a lot of information submitted to us by third parties (that is people or companies other than us). We do not monitor, verify or endorse information submitted by these third parties for inclusion on Our Website and you should be aware that such information may be inaccurate, incomplete or out of date.
We do not seek to exclude or limit our responsibilities or liability that cannot be limited or excluded under any applicable law. This includes our liability for things such as fraud, negligence, death or personal injury and also the responsibilities. We have under certain legislation such as the Financial Services and Markets Act 2000.
In all other cases, and to the extent that we are permitted to do so by law, we exclude all warranties, terms and representations (whether express or implied) as to the accuracy of any information contained on Our Website. We have no liability to You for, any liability for any loss or income, revenue, business, profits or contract, anticipated savings, data, goodwill or opportunity, direct, indirect or consequential loss or damage incurred by you in connection with your use, inability to use, or results of the use of Our Website and any materials posted on it or any Websites linked to it.
If you use Our Website, it is reasonable for us to expect that you will adhere to these terms and conditions. If we think you have breached any of these terms and conditions or demonstrated inappropriate conduct when using Our Website, we may take measures to terminate or suspend your access to the Website. If your use of Our Website causes us to suffer any loss or damage, you shall be responsible for reimbursing these costs.
Products and Services
Pensions Matter Ltd provides impartial and professional advice to individual clients on pension and retirement related products only. This is backed up with traditional values of quality service and client satisfaction. We also work with other professionals to create a comprehensive solution to our clients’ financial needs.
Any advice or recommendation that we offer to you, will only be given after we have assessed your needs and considered your financial objectives and attitude to any risks that may be involved. We will also take into account any restrictions that you wish to place on the type of products you would be willing to consider.
Pensions Matter Ltd is able to act on your behalf in advising you on pension and retirement related products.
Investments – We provide restricted advice; we will advise and make recommendations for you only after we have assessed your needs, but we only offer advice on the range of products from a limited range of companies. You may ask us for a list of the companies whose products we offer.
Please be aware that investments can fall as well as rise, and that you may not get back the full amount invested. The price of investments we may recommend may depend on fluctuations in the financial markets, or other economic factors, which are outside our control. Past performance is not necessarily a guide to future performance. Specific warnings relevant to the investments, investment strategies or other products we recommend will be confirmed to you in your suitability report.
Pensions Matter Ltd and its employees or advisers are not qualified to render legal or accounting advice or to prepare any legal or accounting documents. It is hereby understood and agreed that the onus is on you the client to refer to a solicitor or accountant any point of law or accountancy that may arise during the course of discussions with us.
Transactions Concluded Through our Website
Our Website is entirely free to use. However, Our Website contains links to other sites and resources provided by third parties which may offer you products or services for a fee. We have no control over the contents of those sites or resources, and accept no responsibility for them or for any loss or damage that may arise from your use of them.
It is up to you whether or not you chose to obtain products or services from third parties through clicking on a link in Our Website to the Website of a third party. However, if you do decide to do this, then you will be leaving Our Website and your use of any third party website including any payments you may make to them for their products and services will be governed by their terms and conditions of supply and not by these terms. Accordingly we strongly suggest that you also read the terms and conditions of any third party Website that you may access through clicking on a link from Our Website. We remind you that we cannot be responsible or liable for the content, advertising, products services or the use you make of any third party Websites.
Please read this section carefully. This section explains what information we collect about you, how we collect, use and store it and the circumstances upon which we can provide it to third parties.
Information we collect from you
To take advantage of some of the services offered via Our Website you might be required to provide us with certain information about yourself. This may include doing things such as registering your contact details or completing certain forms on Our Website. You may also be asked to provide us with information about yourself if you wish to participate in any discussion forums, enter any contest or competition on Our Website or if you choose to contact us for any reason.
The nature of Our business is such that we may also on occasion ask you to provide sensitive personal data as defined in the Data Protection Act 1998 (for example, questions relating to your health where that information is required in order to provide advice ). Where we do so, we will request your explicit consent to the use of such sensitive personal data. Where you consent to provide us with this information we will take appropriate measures to protect such sensitive personal data.
We may also collect information about your computer, including where available Your IP address, operating system and browser type using a cookie file which is stored in the hard drive of your computer. Cookies help us to improve Our Website and deliver a better and more personalized service to you. They enable us to:
- Personalise your experience on Our Website, speed up your searches and help us select services or materials for inclusion on the Website which may be of interest to you
- Monitor general traffic patterns and usage of Our Website to help us to improve our Website design and layout.
Most browsers accept cookies automatically, but usually you can alter the settings of your browser to prevent automatic acceptance. If you choose not to receive cookies, you may not be able to use certain features of Our Website.
Storage of your personal data:
The personal information that we collect from you may be transferred to and stored outside of the European Economic Area.
As required by the Data Protection Act 1998, we follow strict security procedures in the storage and disclosure of personal information which you have provided via this Website, to prevent unauthorised access. We shall take all reasonable steps to ensure your personal details remain secure.
Uses made of your information:
We or third parties acting on our behalf may use your Personal Information in the following ways:
- Populate online forms with data provided by you which we screen and pass on to suitable providers furnishing such providers with the information necessary for the conclusion of your application for the financial and insurance products displayed on Our website; and/or
- To provide you with information, products or services that you request from us and/or
- Allow you to participate in interactive features of our service when you choose to do so; and/or
- Contact you by letter, telephone or e-mail to inform you about other products and services which may be of interest to You; and/or
- Notify you of our news, changes to the Website, special events or other services we think may interest you; and/or
- To administer or develop Our Website.
We may also disclose your personal information to third parties:
- Who provide financial products and services relevant to the products or services you have selected on Our Website and/or
- That we think might be of interest to you so that they can also provide you with information about the goods or services that they provide.
We also may need to disclose your personal information:
- Where it is necessary to comply with any applicable laws or to protect ourselves or our users (including exchanging information with other companies for the purposes of fraud protection), or
- In the event that we sell our business, in which case we may disclose your personal data to the prospective buyer of our business.
Conﬂicts of Interest
Occasions can arise where we, or one of our other customers, will have some form of interest in business which we are transacting for you. Although this is unlikely, if we become aware that our interests or those of one of our other customers conﬂict with your interests, we will ensure that you receive fair treatment in accordance with the rules and guidance laid down by the Financial Conduct Authority.
Pensions Matter Ltd classiﬁes all private individual clients as Retail Clients, and will endeavour to provide all clients with the level of service and advice that a Retail Client could reasonably expect. However, irrespective of Pensions Matter Ltd’s classiﬁcation, any client who would ordinarily be considered to be a Business, Charity, Trusts, Professional Client or Eligible Counterparty may not necessarily have rights under the Financial Ombudsman Service or the Compensation Scheme.
We may also, on occasion, advise on other financial products which are not regulated by the FCA under the Financial Services and Markets Act 2000. The Financial Services Compensation Scheme does not apply to any of these products.
We normally ask you to give instructions in writing. We may at our discretion accept oral, facsimile or electronic instructions on the condition that written conﬁrmation of any such instruction is issued on the same or next working day as the oral, facsimile or electronic instruction. Pensions Matter Ltd will issue all documentation and communications in English, and will only accept client communications and instructions in English.
Veriﬁcation of Client Identity
We are legally obliged to verify the identity and certain other information for all clients as well as recording the source of the funds being invested. We reserve the right, at our absolute discretion, not to proceed with a client’s instructions when we are not reasonably satisﬁed with the lawfulness of the transaction.
We accept no responsibility or liability for the consequences, whether direct or indirect, of any delay or failure to invest funds when our client veriﬁcation requirements have not been satisﬁed in full. We may use electronic identity verification systems and we may conduct these checks from time to time throughout our relationship, not just at the beginning.
Investment and Policy Reviews
When we have arranged an investment or policy for which you have given us instructions, we will not undertake any regular or periodic review of that investment. You can request that we provide you with a regular or periodic review service, any on-going service will be agreed with you and confirmed in the service agreement.
Commencement / Termination
These Terms and Conditions of Business come into force with immediate effect upon delivery. You, or we, may terminate our authority to act on your behalf with immediate effect. This may be done at any time, without penalty, but notice must be given in writing. Termination will be without prejudice to the completion of transactions already initiated. Whenever possible, we will give 30 calendar days notice of any amendments to these Terms and Conditions of Business before transacting business with you, unless it is impractical to do so.
Pensions Matter Ltd does not handle client money. We never accept a cheque made out to us (unless it is a cheque in settlement of fees, charges or disbursements for which we have sent you an invoice) or handle cash. Any such cheques received by us will immediately be returned to you by ordinary post to your last known address.
Cancellation or withdrawal rights may apply depending upon the type of contract and whether the contract was concluded following a face-to-face recommendation or exclusively by one or more means of distance communication. An appropriate notice will be issued to you by the product provider together with conﬁrmation of the contract terms entered into.
If you cancel a single premium contract, you may have a loss incur in cancelling it which is caused by market movements. This means that, in certain circumstances, you might not get back the full amount you invested if you cancel the policy.
Policies, certiﬁcates or other documents showing ownership of your investments will normally be sent directly to you by the product providers concerned but if sent to us they will be forwarded to you as soon as is practical.
Where a number of documents relating to a series of transactions is involved we will normally hold each document until the series is complete and then forward them to you. We do not otherwise offer clients a safe custody service, and accept no liability for the default of any third party to whom you instruct us to forward documents.
Information provided by you may be held, processed, disclosed and used by ourselves, professional advisers and any associated companies in servicing our relationship with you. However, strict confidentiality will be maintained at all times. It is understood that, unless you notify us otherwise, you agree to the storage, use and disclosure of such information. This information may be disclosed to third party product providers in the course of providing our analysis and servicing of our relationship with you. No information will be passed to another party without your prior consent unless we are legally obliged to do so.
You also agree that for the purposes described above your data may be transferred to countries outside the European Economic Area (EEA). We may use and analyse your data, including the nature of your transactions, to provide you with information by post, telephone fax or e-mail to service and update you, as well as informing you of new investment opportunities.
If you would prefer to be excluded from these services, please write to us at Pension Matter Ltd, 4 Cedar Court, Blakelands, Milton Keynes, MK14 5GA. You have the right to ask for a copy of certain information held by us in our records in return for payment of a small fee. You also have the right to require us to correct any inaccuracies in your information.
Financial Services Compensation Scheme
Pensions Matter Ltd is covered by the Financial Services Compensation Scheme. You may be entitled to compensation from the scheme if we cannot meet our obligations. This depends on the type of business and the circumstances of the claim. Most types of investment business are covered for 100% of £50,000.
Most types of insurance business are covered for 90% of the claim, without any upper limit. Further information about compensation arrangements is available from the Financial Services Compensation Scheme: http://www.fscs.org.uk/
If you wish to register a complaint, please contact our compliance officer in writing at Pensions Matter Ltd, 4 Cedar Court, Blakelands, Milton Keynes, MK14 5GA. or by telephone on 01908 617724. We will acknowledge the issue and send you a copy of our internal complaints procedure. The matter will be investigated in line with our procedures and our findings reported to you.
If you remain unsatisﬁed following Pensions Matter Ltd’s investigation of your complaint you may complain directly to the Financial Ombudsman Service, who can be contacted on: 0845 080 1800. Website: http://www.ﬁnancial-ombudsman.org.uk/
The Services We Provide and How We are Paid (Our remuneration)
Following our initial analysis and research (for which there is no charge) should you decide to go ahead there is a cost for our services. If we transfer your pension to a new pension provider we are remunerated and paid by the new pension provider. The fee is deducted from your pension fund.
We will inform you how much our fee will be if you agree to proceed with our recommendations.
We will also tell you of the other fees for our on-going pension review services we provide to you.
1. Advice and Implementation Service
2. On-going Review Service
Advice and Implementation Service
Reviewing your financial situation, goals and arrangements
Once you have engaged our services, our first step will be to gather only as much information needed about your specific pension arrangements, personal circumstances and your attitude to investment risks on our ‘Limited Advice’ basis as detailed below. This often involves us contacting the providers of your existing plans and policies to obtain up to date information on valuations, terms and conditions, and benefits.
Limited Advice: You specifically instruct us that you only wish to discuss a particular area of financial advice, namely pension and or retirement planning and that is the only area which will form part of the advice given. This will be considered to be ‘limited advice’. In which case, the standard advice process stages below will be followed but specifically only in relation to the requested area. You must be aware that if you limit the information provided, this may detract from the completeness of the advice given, and that any information not disclosed could effect how appropriate that advice is to your circumstances.
Analysing and evaluating your situation
Our expert analysis of data enables us to evaluate opportunities for making your resources work most effectively. In identifying appropriate strategies, we consider the taxation and other implications of any changes before considering whether changes to your existing arrangements represent an appropriate strategy. It may be that no changes are required, however you will have benefited from a second opinion giving you added peace of mind and on-going confirmation of suitability to match your goals and aspirations.
Preparation of and meeting to discuss our detailed advice report
Our evaluation will enable us to create a written recommendations report for you. The report will highlight the opportunities to re-organise your arrangements to achieve your stated goals. Recommendations regarding investments will take account of your attitude to the relationship between risk and reward inherent in choosing investment options. We will meet with you to present these recommendations, take account of your views and agree what actions, if any, need to be taken next. Our advice may recommend initiation of a personal ‘Wrap Platform Account’ to provide you with the benefits of 24 hour on-line access to the composition and up to date valuation of the funds we administer on your behalf. The benefits and costs of these accounts will be fully explained and illustrated where they feature in a client report.
Work that may follow – putting in place the financial solutions
If you decide to take action as a result of our report, we can arrange all necessary steps to ensure your decisions are implemented thoroughly, accurately and in a timely fashion.
- deal with all necessary paperwork
- deal with changes to existing arrangements
- liaise with your other professional advisers
- keep you informed of our progress
- explain how our on-going review service works to provide you with peace of mind through our support
Our Standard Fees for Advice and Implementation and How We Are Paid
If our advice leads to the implementation for you by Pensions Matter Ltd of recommended and agreed investment arrangements, the fee for our Advice and Implementation Service will be based on a percentage of the value of investments we make on your behalf.
Our fees are based on the expected time and complexity of a case so for example, if you invest £100,000 you may be charged a typical fee of 5.00% of the TOTAL investment. Therefore £100,000 x 5.00% = £5,000.
|Initital Advice & Implementation|
|Up to a maximum of 7.50%|
|Depending on the amounts involved; the potential time involved and also the complexity of the case|
Our fees are deducted from the funds we invest on your behalf.
The basis we adopt when determining our fee.
As a guide in determining the cost of our advice and the basis used when arriving at any agreed fee, we will use the following hourly rates. These rates have been determined taking full account of the costs associated with running a professional financial services business and include all IT costs, marketing budgets, professional indemnity fees and levies, property charges and costs relating to business development. This ensures there is no cross subsidy of charges between our clients.
|Consultant ( adviser)||£200 per hour|
|Technical & Research||£150 per hour|
|Administration||£100 per hour|
Value Added Tax
If we act between you and a provider in order to arrange the purchase of a retail investment product ( regardless of whether the purchase of the product is concluded) and has evidence of this action, payment for our services up to and including that stage, which falls within the agreement concluded with you will be exempt from VAT.
Where there is no evidence of such product arrangement or where one or more of the stages are contracted for under a separate agreement so that the service provided is that of general advice or recommendation, only our charges could incur VAT at the standard rate.
Paying for our services
Our adviser charges are deducted from the financial product(s) that you might invest in, where the product provider allows this. Please note that paying by deduction from a financial product will reduce the amount left for investment. If you select this option we will advise you of the fee taken prior to you taking out the financial product.
Please note a minimum charge may be applied even if you choose not to invest in a product. We reserve the right to charge you for services provided prior to cancellation.
Ongoing Review Service and how we are paid for this service.
At Pensions Matter Ltd we believe that professional financial advice can add significant value to individuals and businesses. Therefore we provide a comprehensive on-going review service designed to create real value for our clients.
Our annual fee for each client is tailored to the clients own specific needs and may be up to 0.75% of the total value of the funds we administer. For example, if we are advising on £100,000 worth of assets the fee would be up to £750 per annum (if the fee cannot be covered in this way we will agree the fee with you along with the method of remuneration prior to going ahead with any initial advice). We will generally receive our fee on a monthly basis. If this is not possible we will receive the fee annually. The on-going fee is paid to us directly from your investment.
Our On-going Review Services
Details of the service that can be tailored to the agreed service proportion (individually confirmed in the adviser report)
- We will ensure that following completion and analysis of the initial Risk Profile Questionnaire that the investment solution we recommend to you will be a managed fund or solution with a built in automatic ‘rebalancing’ mechanism to ensure the mix of asset types in the fund/solution remains aligned to your risk tolerance.
- Determining an efficient asset allocation appropriate to your specified risk profile
- On-going monitoring of investment managers used in the portfolio
- Managing liquidity requirements for planned or unplanned withdrawals
- Determining and rebasing your risk tolerance
- Providing reassurance in times of financial turbulence to ensure you do not create losses unnecessarily
- Alerting you to the dangers of making costly investment mistakes Investment management and rebalancing according to a set asset allocation
- Providing factual information to assist you to make sound financial decisions
- Dealing with on-going correspondence and administrative issues on your behalf
- We are available for regular contact with you throughout the year by telephone and email
- Available at Tax Year End for completion of pension contribution element of Self Assessment
- We suggest that you regularly visit our website at http://www.pensionsmatter.org/ for all up to date information about Pension Matter Ltd and wider general financial issues in the news.
If at any time after you have provided personal information to us and you want to object to your personal data being used by us, you need to let us know by sending an email to us at firstname.lastname@example.org. We will endeavour to process your request as soon as possible, but in some cases it may take us up to 28 days to process your request.
Termination of this Agreement
You or we may terminate this agreement and our authority to act on your behalf at any time, without penalty. Notice of this termination must be given in writing and will take effect from the date of receipt. Termination is without prejudice to any transactions already initiated which will be completed according to this agreement unless otherwise agreed in writing. You will be liable to pay for any transactions made prior to termination and any fees outstanding, if applicable.
Ongoing services can be cancelled at any time by simply informing us in writing but please note that we reserve the right to charge you for services provided prior to cancellation.