This article provides a step-by-step guide as to how you can quickly and easily write a suitability report to a corporate client confirming your recommendations for the pension scheme they should put in place to fulfil their duties, as an employer, under auto-enrolment.
1) Select or add the client
Go to Write report and select or create the corporate client you wish to write the report to.
2) Select the Report Creation Method
This article walks you through the steps of building the report 'from scratch'.
3) Create the report
In Report Details, give the report a name and select the Report Type. Assuming you're creating the report 'from scratch', you should select the Suitability Report.
4) Add the required sections
You’ll then be directed to the Report Builder where you should add the necessary sections from the 'Available sections' drop down. If you're only making a recommendation for a new scheme then you will simply need to add a New Pension Recommendation section. If there is an existing scheme in place and you wish to make a recommendation in respect to this scheme you will also need to add a Review of Your Existing Pension Plans section.
5) Complete all section wizards
Next you'll need to step through the section wizards of all sections that require your input, starting with the Introduction section.
6) Complete the Introduction section
You will progress through the steps of the Introduction section in the usual way. When you reach the Client Objectives step it is essential you select the following objective under the 'Workplace pension' category as this will trigger the inclusion of certain Auto Enrolment-related content within the report e.g technical notes, risk warnings etc:
“Set up a suitable and compliant pension scheme to fulfil your duties as an employer under auto enrolment.”
And as with any advice option you select in the Client Objectives step, you must add comprehensive Know Your Client (KYC) information to ensure you fulfil the regulator’s expectations of you in terms of documenting a client's objectives.
7) Do not complete the Client Risk Profile section
This section isn't relevant for this type of advice scenario as such you can ignore it and hide it by unchecking the 'Include' checkbox.
8) Possibly complete the Review of Your Existing Pension Plans section
This is only relevant when you wish / need to make a recommendation in respect to the company’s existing pension scheme. You’ll be prompted to provide an overview of the existing scheme within the Plan Summary step.
In the Recommended Action step, you will need to confirm what action you are recommending in respect to the existing scheme.
You can also confirm any disadvantages associated with the recommendation being made in the Key Disadvantages and Tax Implications step.
9) Complete the New Pension Recommendation Section
Within the Plan Summary step, it's possible to select various types of company pension scheme including (amongst others):
- Group Personal Pension Plan
- Group Stakeholder Pension Plan
- Master Trust Workplace Pension e.g. Nest, Now Pensions, The People's Pension
Having included the details of the scheme you wish to recommend, you'll then be guided through a series of steps that will prompt you to provide any other information required to complete your recommendation. Given the advice scenario you can ignore the Why Contribution step.
10) Complete the Important Information Section
This is the last section you'll need to complete and is self-explanatory.
11) Tailor the structure of the report
Having completed all of the section wizards you should then tailor the structure of your report by unchecking any sections you do not wish to include in your report; and then change the sort order of any sections to reflect your personal preferences. Given the advice scenario, we'd recommending hiding the following sections as a bare minimum:
- Executive Summary
- Client Risk Profile
- Appendix - Attitude to Risk Profiles
You’ll find more information about how to remove sections from your report here.
You'll find more information about how to reorder the sections in your report here.
11) Download the report / covering letter
Click the Download report / Download cover letter icon and the report / covering letter will download to word.
On opening the report you'll notice the report follows the typical Genovo format and structure. However, there will be a couple of bits within the New Pension Recommendation section that will require a small degree of editing by you. Simply follow the accompanying User Instruction, make any necessary edits and that's it, you’re done.
Report template
Having created the report, you may then wish to convert it into a template and save it to your Report Template Library to use as a starting point for creating future group protection reports.