As you know, from 1st October 2008 it will become possible to transfer Protected Rights funds out of S2P/SERPS schemes. To date these funds have only been allowed to be held in insured funds, bank deposits or mutual funds. The industry is quite rightly expecting a surge of activity. The size of the market for this on coming opportunity is significant. According to the Financial Services Authority some eight million people have contracted out of S2P/SERPS since 1997. Just as many people may have contracted out via occupational defined contribution schemes going back to 1987. Sources close to this put the estimated value of PR funds at close to £100 billion. However, from 1st October it will be possible to transfer PR funds and associated tax rebates into Appropriate Personal Pension Schemes (APPPs) and many predict large-scale movement into Self Invested Personal Pensions (SIPPs).
We have added Protected Rights capabilities to Imago Front Office, with illustrations able to support transfers of Protected Rights (PR) funds and rebate contributions from HMRC associated with S2P schemes.
We offer Imago Front Office as a web based solution that can be installed at your site, or at our site, or can be used as a bureau service. Furthermore the calculation engine that delivers the computations for the illustrations can be integrated and embedded into host systems for a truly seamless solution.
If you would like to find more about Imago Front Office, please drop me a line or contact me on 023 9282 2254.
