How to complete pension sharing orders on Gabriel
Written on 10/08/2018

The complexity of IFA work is simply not reflected in the returns and items such as pension sharing are often not reported at all.

So how should you report pension sharing to the FCA?

Where advice is simply to find a home for an agreed pension credit reporting should be relatively straightforward with a process similar to that of a single lump sum pension contribution.  However there has been some confusion as to how best this should be recorded for the FCA – in our Bat system and consequently how to report to FCA on Gabriel.   i.e. personal pension reg. pension switch or occupational DB/DC. To ensure that the appropriate process and instructions from the court order are followed IFAC require pension sharing orders to be coded as pension switches or occupational DB/DC if coming from an Occupational source.  Due to the transfers being “forced” it does not qualify as a replacement and we would not expect a Replacement Policy Questionnaire to be completed.

Bat will complete your Gabriel returns for you.

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