The cost of IFAC checking Occupational Pension Transfers service is now just Â£530 per file (inclusive of VAT). This is an increase due to the enhanced compliance that is unavoidable.
This charge applies to all DB transfer files whether they are pre-scrutiny or file check, and upon uploading the file an invoice will be raised and issued. The turnaround time is maximum 6 working days, and due to the specialist nature of the check this cannot be guaranteed to be shortened. As explained before two weeks ago, the new process includes the DB checker to specify that the file is suitable. This involves significantly more work than just a compliance check with a list of issues and a score. Without the approval signature, the transfers cannot go ahead.
Of course you are working to a 90 day guarantee in these cases, so get on with sending the cases onto us, to allow for potential problems later on.
The new BAT system will automatically update the relevant parties to ensure this procedure is smooth. This applies from 14th May 2018.