How Long Does The Pension Process Take?

Gavin Welsh
Jan 11, 2021
3 min read

Updated: Jul 10, 2021

As you'll see below, I've laid out a typical pension workflow timeline of what we'll do together and also all the work that goes on behind the scenes on your behalf.

1. Introduction Phone Call

The process starts with a phone call to establish your objectives and whether I can help you. In the majority of circumstances, I can help or I can at least point you in the right direction.

This is also a good time for you to ask me questions about my experience, my qualifications and also the services I provide to my existing clients.

Time: 5 minutes to 45 minutes depending on how complex your needs are.
Cost: Free

2. Fact Find Meeting

The next step in the process is to book a convenient time to go through a Fact Find. The purpose of the Fact Find is for me to get to know you and your personal circumstances in more depth. The Fact Find gives me an understanding of your financial goals for the future.

Time: up to an hour but could be more, depending on the complexity of the situation.
Cost: Free

3. Letter of Authority and Initial Research

If you have any existing plans, I will ask you to complete a letter of authority.

The letter of authority permits me and my team to speak to your existing providers on your behalf to request necessary information.

Once we have received all the information from your existing plans, we can then carry out research.

Research to check whether your current plan...

1. remains suitable

2. is performing to your expectations

3. has charges that remain competitive

Time: 1-4 hours.
Cost: Free

4. Research

Once we have all the information, we can then start our research on your behalf.

If no existing plans are in place, then we research to find the most efficient solution to meet your objectives.

Time: 2-3 hours depending on the complexity of the scenario.
Cost: Free

5. Disclosure

On completion of research, I like to set up another meeting to go through what I have found out and my proposal.

Up until this point, there is no cost to you for the time spent gathering all the facts and putting a proposal together.

During the disclosure meeting, I explain all the initial and ongoing charges before you decide to proceed.

Time: 45 minutes and it gives you the chance to ask me any questions you may have about my proposal.
Cost: Free

6. Recommendation & Implementation

Once you are happy and comfortable to proceed with my proposal, we will then put a recommendation together called a ‘Suitability Report’.

The Suitability Report details in full my recommendation and costs involved.

Along with the Suitability Report, there will be

literature supporting the recommendation
paperwork for your completion to proceed.

Once all the paperwork is complete, we then ensure that the recommendation is carried out correctly and accurately as per the Suitability Report.

Time: 6 to 9 hours or more depending on the complexity of the situation.
Cost: Variable. Link to charges page.

7. Ongoing Monitoring and Review

Once you have become a client, you will be entitled to at least one annual review. But, if you need more than one per year, I am happy to accommodate these requests.

The purpose of the meeting is to review your plans and make any changes if necessary. This may be due to a change in your circumstances or your attitude to risk changing for example.