Our Terms of Business
We aim to make your pension work smarter.
Our terms of business outline our services, fees and agreements to carry out work on your behalf. In order for us to work on your behalf, we need you to complete and sign the Letter of Authority to give us permission to gather information from your current pension provider(s).By signing the Letter of Authority, you are agreeing to Pension Works undertaking a Pension HealthCheck and to these Terms of Business. We are bound by the terms laid out below.
1.0 Who we are
At Pension Works, we believe that everyone should have access to financial advice from regulated, specialist advisers. We also believe in total transparency, honesty and providing jargon-free guidance on what can be a confusing marketplace.
All of our advisory team are fully qualified, regulated and ethical in all the work they undertake. We have a real passion to improve, wherever possible, the futures of those we serve.
2.0 Who regulates us
Pension Works is a trading name of Pension Works Limited. Pension Works Limited (PW) is authorised and regulated by the Financial Conduct Authority (FCA), number 739922. The FCA regulates financial services in the UK, and you can check our authorisation and permitted activities on the Financial Service Register by visiting the FCA’s website at register.fca.org.uk or by contacting the FCA on 0800 111 6768.
3.0 The service we offer
We offer a free Pension or Investment HealthCheck. This will provide you with a review of your current pension(s) performance and whether it will provide you with the lifestyle you expect upon your retirement. For fund sizes of less than £30,000 it is very unlikely that a transfer will be in your best interests once our fees are taken into account. We will not normally undertake a HealthCheck for funds below this size.
If your current pension(s) or investment isn’t performing, our professionally qualified and independent financial advisers will make recommendations to improve your funds and try to make your retirement more financially comfortable.
By agreeing to our Pension HealthCheck you are under no obligation to proceed with any recommendation that we may make and no fees are payable if you decide not to proceed with our recommendations. Should you decide to proceed with our recommendations, fees will apply as outlined in the Our Fees section below. To proceed with our Pension HealthCheck all you need to do is provide us with the following information:
- The name(s) of your current pension provider(s) or
- The name(s) of your current and any past employers and
- Your national insurance number
If you have more than one pension or employer, please complete Letters of Authority for each one. Once we have received this information we will;
- Contact your existing pension provider(s) and ask them for information relating to your pension and its performance
- Review your existing pension and, using our specialist understanding of the pensions’ marketplace, compare your pension against the whole of market.
- Send you a report from one of our pension advisers who will talk you through the findings and make any recommendations on how to improve the performance of your pension.
- Following your Pension HealthCheck report, the decision on how you progress is entirely yours, there is no charge, obligation or pressure.
- Annual performance review of your funds, holdings and market developments
- A review call with one of our specialists to assess any changes in your circumstances, retirement goals or market conditions
- Delivery of your Annual Pension HealthCheck report with recommendations to maximise performance
3.1 How to proceed with our recommendation(s)
If your policy is under-performing and you take up our recommendations to transfer, we will handle all fund and policy administration on your behalf, provide you with regular updates and ensure that everything is processed smoothly and hassle-free. Our service charge for the transfer or switching of policies is detailed in the section called Our Fees.
3.2 What is our Annual Pension HealthCheck?
To manage and maximise your pension investment on-going, we offer an Annual Pension HealthCheck that will monitor your pension and investment performance. Should you choose to take this service, it includes:
If we recommend moving your pension funds to another fund but with the same provider following our annual HealthCheck, there will be no charge. If we find it would be best to move to another provider and you agree with our advice, additional transfer or switching fees will be applicable.
3.3 Cancellation of Annual Pension HealthCheck
You can cancel your Annual Pension HealthCheck agreement at any time. To cancel, just contact Pension Works by email or in writing.
Booths Park 5
If you cancel, we cannot refund any fees already processed.
4.0 Our Fees
4.1 Our Service Fees
Our initial Pension or Investment HealthCheck is at no cost to you and without obligation. Following our initial HealthCheck, should you wish us to handle any fund or policy transfers the below fees will apply. Because of the complexity and amount of extra work involved in Defined Benefit (final Salary) pension transfers, the minimum fee that we charge is higher for these cases.
Our fees are calculated based on a percentage of the pension or investment fund amount that we transfer unless otherwise agreed on an individual basis.
You can choose how to pay our fees from the two options below:
- The easiest and most tax efficient way to make payment is for us to transfer the fees directly from your pension fund.
- Payment can be made directly to pension Works via cheque or bank transfer.
4.2 Our Annual Pension HealthCheck Fees
Our Annual Pension HealthCheck service fee is 0.3% of your fund value per year.
This charge can be paid either via a monthly transfer directly from your pension fund (which we can administer) or via a direct payment to Pension Works Limited.
4.3 Insurance and Protection Product Fees
Fees for arranging Insurance and Protection Products are paid directly to us by the providers. You will not be required to pay fees for this service. We will always disclose to you what these provider fees will be in advance.
4.4 Value Added Tax (VAT)
Under current legislation, our services are exempt from Value Added Tax (VAT). We will notify you before conducting any further work should any changes in government legislation occur.
5.0 What to do if you have a complaint
We pride ourselves on our service and conduct with our clients. If you are not happy with the service you have received and want to complain, please contact us:
The Compliance Manager
Pension Works Limited
Booths Park 5
By Phone: 0800 756 1288
By Email: email@example.com
To receive a copy of our complaints procedure, please contact us through the email address above.
5.1 Complaints Timeframe
We agree to acknowledge your complaint within five working days and continue to process your complaint according to our complaints procedure. If you are unable to settle your complaint with us, as a regulated pension’s business, you are entitled to refer your complaint to the Financial Ombudsman Service (FOS) at www.financial-ombudsman.org.uk or call 0800 023 4567.
5.2 Compensation Scheme
If you make a complaint and we are unable to meet our liabilities, you may be entitled to compensation from the Financial Services Compensation Scheme (FSCS). Further information about FSCS and compensation are available at www.fscs.org.uk.
6.0 Other things you need to know
6.1 Conflicts of Interest
Occasionally situations may arise where we or one of our other clients have some form of interest in business transacted for you. Should there be a conflict of your interest, we will always write to you and obtain your consent before we carry out your instructions, and detail the steps we will take to ensure fair treatment.
6.2 Your Goals
Unless we notify you in writing to the contrary, we will treat you as a ‘retail client’. This means you have the highest level of protection under the regulatory system and, in most cases, have the right to take any complaint to the Financial Ombudsman Service.
You will only be given advice or recommendations after we have completed a detailed review of your needs, your situation and your attitude to risk. We will also apply any restrictions on the types of products you want to consider.
You have no obligation to share any personal information. However, if you choose not to disclose any details requested, this may affect the quality of advice you receive.
6.3 Call Recording
We record calls, both inbound and outbound, for training and monitoring purposes.
6.4 Anti-Money Laundering
We adhere to all applicable legislation, including the anti-money laundering regulations. To become a client, we will verify your identity and the purpose and nature of your business interests, which we will conduct on your behalf. For this purpose, we use an electronic checking system to validate your name and address. This will only be used to confirm your name and address against the electoral register and other public records. In instances where we are unable to verify your identify using our electronic system, you may need to provide further evidence to confirm your identity and residence.
6.5 Your Money
Pension Works Limited is not permitted to handle or hold your money during the transfer of policies. Instead, money will be transferred directly from your old provider to the new one. We cannot accept any payment unless it is in respect of an item invoiced by Pension Works.
6.6 Force Majeure
Pension Works shall not be in breach of this Agreement and shall not incur any liability to you if there is any failure to perform its duties due to any circumstances beyond its control.
6.7 Data Protection
How we will use your data
What information do we collect about you?
We collect information about you to review your pensions and/or investments and to give personalised advice on your retirement planning. Website usage information is obtained using cookies.
What is Personal Data?
Under the EU’s General Data Protection Regulation, there are two types of data, Personal Data and Special Category Data.
Personal Data is defined as
“any information relating to an identified or identifiable natural person (‘data subject’); an identifiable natural person is one who can be identified, directly or indirectly, in particular by reference to an identifier such as a name, an identification number, location data, an online identifier or to one or more factors specific to the physical, physiological, genetic, mental, economic, cultural or social identity of that natural person”.
Special Category Data includes the following;
- Ethnic origin
- Political Opinions
- Religious Beliefs
- Trade-union membership
- Genetic Data
- Biometric Data
- Health Data
- Data concerning a natural person’s sex life
- Sexual orientation
How will we use the information about you?
To process your data (Personal and Special Category), you must explicitly give us your consent. Where we are asking you for sensitive personal data, we will always tell you why and how the information will be used.
The information we collect about you, including details of your current circumstances, financial situation and future plans will be used so that we can individually tailor our advice to you.
You can withhold any information that you do not wish to disclose to us, but this may affect the advice we provide if it is relevant to our assessment of your circumstances and plans.
We use your information collected from our website to personalise your repeat visits to our website. If you agree, we pass on your personal information to your current and potential pension providers.
We may pass your personal data on to Third Party service providers who are contracted to us in the course of dealing with you.
To comply with anti-money laundering laws, we will also share your information with companies that help us to verify your identity.
We may also share your information with third parties in order to comply with regulatory obligations.
We will not share your information with, or sell your information to, any third parties for marketing purposes.
How long we will keep your data
We are required by the Financial Conduct Authority to keep your data for at least five years or indefinitely in the case of defined benefit pension transfers. We will also keep your data while you are receiving our ongoing service.
We would like to send you information about products and services of ours which may be of interest to you. If you have consented to receive marketing, you may opt out at a later date.
You have a right at any time to stop us from contacting you for marketing purposes.
If you no longer wish to be contacted for marketing purposes, please email firstname.lastname@example.org.
Access to your information and correction
The company’s Data Protection Officer is David Padbury.
You have the right to request a copy of the information that we hold about you. If you would like a copy of some or all your personal information, please email us at email@example.com or write to:
The Data Protection Officer,
Pension Works Limited,
Booths Park 5,
We want to make sure that your personal information is accurate and up to date. You may ask us to correct or remove information you think is inaccurate. If you are not happy with how we have processed your data, you have the right to complain to the Information Commissioners Office.
Your rights to object to and restrict processing of your data
You have the right to object to our processing of your data, to limit its processing and to have your data removed or deleted (but we still may need to keep your data to comply with The Financial Conduct Authority rules: see above “How long we will keep your data” section).
You have the right to data portability, allowing you to obtain and reuse your personal data for your own purposes across different services.
Cookies are text files placed on your computer to collect standard internet log information and visitor behaviour information. This information is used to track visitor use of the website and to compile statistical reports on website activity.
You can set your browser not to accept cookies, and the above website tells you how to remove cookies from your browser. However, in a few cases, some of our website features may not function as a result.
How to contact us
By email to firstname.lastname@example.org
write to us: Data Protection Officer, Pension Works Limited, Booths Park 5, Chelford Road, Knutsford, Cheshire, WA16 8GS.
Or call us on freephone: 0800 756 1288
In most cases, you can exercise a right to cancel by withdrawing from the contract. In general terms, you will normally have a 30-day cancellation period for a life, pure protection or pension policy and a 14-day cancellation period for all other policies.
Please be aware that should you accept advice to switch pension providers and then cancel within the 30-day period, the original provider may not accept the funds back.
For pure protection policies, the start of the cancellation period will normally begin when you are informed that the contract has been concluded or, if later, the day on which you have received the contractual terms and conditions. In other cases, the cancellation period will begin on the day the contract is concluded or, if later, the day on which you receive the contractual terms and conditions. Instructions for exercising the right to cancel, if applicable, will be contained in the relevant product disclosure information which will be issued to you.
If you cancel a single contribution contract, you may be required to pay for any loss you might reasonably incur in cancelling it which is caused by market circumstances. You might not get back the full amount you invested if you cancel the policy. Full details of the cancellation terms applicable to any product you decide to take will be given in the Key Features document or other documentation supplied by the product provider.
6.9 Termination of Service
The authority to act on your behalf may be terminated at any time, without penalty, by either party giving seven days’ notice in writing to that effect to the other, but without prejudice to the completion of transactions already initiated.
If you terminate any transaction, having requested us to act upon the advice we have provided, we reserve the right to change a proportionate fee for the service provided.
Termination of this Agreement will also terminate any ongoing service.
6.10 Terms of Business Governance
These terms of business are governed and shall be construed following English Law, and the parties shall submit to the exclusive jurisdiction of the English courts.
If you wish to download a full copy of our Terms of Business please click here