Working with Parmenion

Parmenion will contact your firm about affected clients. Your firm should respond and complete any actions Parmenion identifies for the transfer.

Follow Parmenion’s instructions about client linking, adviser or administrator access and any other transfer-specific requirements. Existing Terms of Business do not remove the need to respond to Parmenion’s contact.

Parmenion will contact your firm directly and confirm what it needs to do.

If your firm intends to continue acting for clients after the planned transfer, it will need to complete Parmenion’s intermediary onboarding form and agree to their Terms of Business.

The firm should complete the required actions promptly so that advisers and administrators can access and service affected client accounts after the transfer.

The planned transfer can still proceed if your firm does not intend to agree to Parmenion’s Terms of Business. However, the client will transfer without an adviser linked to their Parmenion SIPP.

The adviser may help the client consider another provider before the planned transfer. If the transfer to Parmenion takes place first, the client can later transfer the Parmenion SIPP to another provider, subject to that provider’s requirements.

For a Blended client, transferring to another provider may change how Secure Income is held, paid and taxed. Secure Income may need to be converted into a Canada Life Lifetime Annuity if the receiving provider cannot accept it in its current form.

The planned transfer can proceed if the client does not currently have a financial adviser. Existing regular Pension Drawdown withdrawals and regular crystallisation instructions will continue where applicable, and Canada Life will continue making Secure Income payments for Blended clients.

However, Parmenion is adviser-led. Without an adviser linked to the Parmenion SIPP, the client will not be able to access all services and features or make changes that require financial advice or adviser action.

Existing regular Pension Drawdown withdrawals and regular crystallisation instructions can continue without amendment. Direct Debits will not transfer to Parmenion, and the client will need an adviser if they want to set up a new Direct Debit after the transfer.

If the adviser relationship ends before the transfer, this does not, by itself, stop the planned transfer to the Parmenion SIPP. The client will transfer without an adviser linked to their Parmenion SIPP.

If the relationship ends before or after the transfer, the outgoing adviser should follow the firm’s normal client-offboarding process and explain that the client will need to appoint a new adviser to access all services and features of the Parmenion SIPP. The adviser and firm should also complete any applicable Parmenion requirements.

The treatment of ongoing adviser charges will depend on the timing, the client’s agreement and Parmenion’s processes.

Adviser access depends on the firm agreeing to Parmenion’s Terms of Business, completing any required onboarding and the client being linked through Parmenion’s process.

Firms should follow Parmenion’s instructions if an affected client is not visible through the expected firm access.

 Parmenion will provide online services for clients, including a dedicated client app. Clients will be set up with online access where Parmenion holds an email address and mobile number for them. They will be able to view information about their pension, investments and account activity.

Clients will initially be set up with postal communication preferences. They can change their preference to online communications after registering for Parmenion’s online services.

Client viewing access is different from adviser-led servicing. Changes that require financial advice or adviser action must be completed through an appropriately linked financial adviser.

The investments transferred to the Parmenion SIPP should be distinguished from the client’s longer-term advised investment strategy. The transferred assets should not automatically be presented as the adviser’s ongoing recommendation.

Clients will initially remain in a similar advised structure, with the adviser acting as investment manager and recommending investments from the available fund range.

After transfer, advisers may also recommend a different investment management service where suitable, including Parmenion’s internal discretionary services, external discretionary services or an adviser-managed model portfolio.

Where an adviser provides investment advice after transfer, the adviser remains responsible for reviewing the client’s circumstances, assessing suitability and documenting any recommendation to retain or change the transferred investments.

The Parmenion SIPP has a different charging structure from The Retirement Account.

For most clients following the planned transfer, the amount they pay is expected to be broadly similar to what they pay through The Retirement Account at the time of transfer.

• Before the transfer, advisers should use the charge comparison in the Adviser Guide and Parmenion’s current costs and charges information when assessing the planned arrangement. 
• After the transfer, Parmenion will provide each client with a personalised charge breakdown in their Welcome Pack. Advisers should review this with the client as part of their ongoing advice and servicing. 

Any charges arising from investment or service changes recommended after the transfer should be considered separately from the costs of the planned transfer.

For firm onboarding, Terms of Business, adviser access and client-linking requirements:

• Phone: 0117 204 7678 
• Email: cladvisers@parmenion.co.uk
• Opening hours: Monday to Friday, 8.30am to 5.30pm