ePAT is CTC’s pre-retirement pension, protection and savings illustrations system. For more details, select one of the links below.
• ePat for Pensions
• ePat for Protection
All forms of investment type currently available in the UK can be accommodated, with due allowance made for the tax effects both on growth and on any charges made on withdrawals/maturity. Products types included in this heading are:-
- Life Assurance Bonds – unitised, with profits or guaranteed.
- Unit Linked Life Products – MIPs, endowment.
- ISA/PEP/TESSA - allowing for due tax allowances.
- OIECs/Unit Trusts – with no limits as to the number of funds that can be chosen.
- Mortgage Related – any of the above products can be linked to a mortgage scenario by targeting the appropriate repayment amount required at the date of redemption.
The CTC system incorporates substantial flexibility through the concept of contribution/benefit streams within a single product. With regard to “contribution streams” this functionality allows:-
- Different charges to be applied to different contribution streams.
- Different charges to be applied to contribution streams commencing at different dates.
- Fund choice to vary by contribution stream.
- Multiple funds to be chosen within a stream, with calculations reflecting different growth rates/AMCs for different funds chosen.
- The rules applied at the benefit stream level can allow for benefits to be calculated according to differing definitions for differing types of benefit or cover and include allowance for statutory restrictions.
The CTC system also allows a differentiation between the contribution streams and the benefit streams. This means that multiple forms of contribution can be defined, with the monies arising aggregated to allow for charges relating to the benefits chosen to be specified and deducted and for the appropriate benefits to be reflected in illustrations and calculations arising on surrender, death or maturity.
The benefit stream structure allows such matters as minimum and maximum ages and contribution levels to be defined, this structure also allows limits on minimum and maximum coverage and appropriate cross validations (e.g. where several benefits must utilise similar definitions).