CTC pioneered the use of Critical Yield analysis in respect of pension transfers. As such, when LAUTRO Enforcement Bulletin 16 came into force in 1992 CTC’s TVAS software was first on the market and soon became the industry standard.
Since that time CTC have built up considerable experience and expertise in this field both in terms of process and requirements. With such experience and a wide user base we have been able to ensure that the development of eTVAS has kept abreast of customer needs, regulatory requirements and advances in technology.
The core system provides the ability to produce critical yield and death benefit analysis. However, the core functionality has been extended to provide a range of options. Using it’s own experience as well as feedback from a significant user base CTC believes its TVAS offering provides the functionality to deal with all aspects of the Transfer Market. The following provides a brief description of some of the products key features: -

In accordance with regulatory guidance the eTVAS system provides full analysis of benefits from both Defined Benefit and Defined Contribution Schemes, whether these be contracted in or out.

eTVAS allows users to select comparisons on the basis that the member would opt for Tax Free Cash under their existing scheme and taking into account any protection that may have been obtained as a result of Simplification.

eTVAS will calculate the benefits available under the Pensions Protection Fund (PPF) and produce critical yields required to match these benefits.

Where both products are made available the system is able to perform comparisons according to key criteria such as early retirement and tax-free cash as well as highlighting the possibility of any overfunding.

eTVAS deals with Transfers to the full range of individual and group money purchase schemes to include Personal and Group Personal Pensions, Section 32 and 32A’s, Group and individual stakeholder, Executive Pensions as well as Self Invested Personal Pensions. The extensive product set-up facilities within the system cater for a wide and varied range of charge and commission options.

The system includes the functionality to enable a full range of standard outputs to be generated including the standard TVAS report, fully compliant illustration and Key Features documentation, Transfer Checklists and ‘Reasons Why’ documentation to aid the advice process. Outputs can be customised or ‘branded’ to suit the needs of the client or distribution channel or varied according to the circumstances of the case. The system contains a flexible set-up menu, which enables the user to define system parameters that may determine outputs to be generated, for example varying the Red, Amber, Green criteria.

Although originally set up to process cases on an individual basis the system has been extended to provide the capability to accept an extract/download of both personal and deferred benefit data from the former scheme. Transfer Value Analysis can then be run on a ‘bulk’ basis whilst retaining the ability to examine benefits at an individual level. Results can be output either in full (individual) or summary format. Output can be tailored on a scheme by scheme or category by category basis.

Early retirement analysis can be run to suit the requirements of a particular individual and to reflect the appropriate reduction factors applied by the ceding scheme. New Employer Scheme analysis can be performed, where appropriate.

The full eTVAS system can link to the Tracker system, which assist the management and control of the transfer process from the point of initial enquiry to payment of the ‘cash equivalent’. This includes the production of standard letters and reminders together with functionality to prompt ‘next actions’. Management Information reports are made available to monitor business volumes and track progress.