If a client has a Protected Retirement Age (PRA), they can retain this protection when transferring the relevant pension assets to the Söderberg platform. It is essential that the PRA is disclosed by the ceding provider.
To ensure the client's protected retirement age remains valid, the assets associated with the PRA must be held in a dedicated sub-account, separate from any other uncrystallised pension assets. Combining protected assets with other uncrystallised pension assets could jeopardise the client's protection.
How to action the transfer:
Transfers involving a Protected Retirement Age (PRA) can be submitted electronically through the platform.
For SIPP transfers, we use Origo. Before submitting the transfer, please confirm with the ceding scheme that they are able to facilitate the transfer electronically via Origo.
If the ceding scheme cannot support an electronic transfer, the transfer will need to be completed manually. In these circumstances, please use the SPP SIPP Manual Transfer Form, available below:
Pension Manual Transfer Form – Söderberg & Partners Platform
If your client holds monies with a PRA in the same account as monies without a PRA, then the ceding scheme needs to ensure they are confirming which monies the PRA applies to.
What evidence we may expect from the ceding scheme:
- A Protection Certificate issued by the ceding provider.
- Written confirmation from the ceding provider confirming that the client has a Protected Retirement Age, including details of the protected age and the extent of the protection.
- An email or other formal correspondence from the provider containing the relevant information.
Please note we can accept the evidence via Origo.
Important: Failure to identify a Protected Retirement Age during the transfer process, or combining protected assets with other uncrystallised pension assets, could result in the client's Protected Retirement Age benefits being lost. Please ensure the PRA is identified and communicated before the transfer is submitted.