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Transfer Bureau

O&M Pension Solutions Limited is engaged by financial advisers to process information on behalf of their clients. To initiate this process a financial adviser would supply us with the initial client submission forms and any relevant scheme documentation by either post or email. The financial adviser is responsible for this information reaching O&M in a secure manner. 

We will then contact the client’s scheme and collect data in respect of their pension if this is required. This data is input and stored on our TVAS software and a copy is printed for our reconciliation purposes in order to prepare and provide a TVAS report to you, the client’s IFA.

 

Data Retention Period

Whilst paper copies of information are securely destroyed within 3 months of the report being completed/cancelled, the report and information collected as part of this are stored on our IT system for as long as business requirements dictate. This is to aid us and/or you, should any future liability arise.

We will not update the client information held, unless a rerun is requested for the client. This is in order to keep the record accurate to when the report was created. If a new report is requested outside of the rerun window, this will be treated as a separate case, however we will compare the information received on the latest case to what was received on the original to ensure there are no unexpected discrepancies and to speed up the production of the latest report. The new case will be updated to reflect the current position.

We do not initiate any contact at any point with your client. If your client contacts us, we advise them that we are unable to deal with them directly and we direct them back to you. The only exception to this is if they are submitting a subject access request.

The personal data held on our Bureau system is only visible to our Analyst and Admin teams and will not be used for any purpose other than liaising with the client's scheme to understand the client's benefits and providing a TVAS report to you.

Any scheme data collected is saved to our library to enable us to complete reports for other members of the same scheme and avoid duplication of queries. We compare the information received in respect of the scheme to ensure we are processing the report in a timely fashion.

We do not transfer any data outside of the EU as all of our business is UK based. We only operate from our office in Colchester.

At present we have not carried out any data protection impact assessments as there are no changes to our business model and we feel that our current practices are robust.

Our TVAS software is regularly updated to reflect current legislation. Prior to release all updates are tested to ensure these will not affect production of reports. Should any bugs be subsequently discovered, these are resolved as soon as practicable.

When submitting a new case to us, please note that we do not require you to submit a fact find for your client as this will contain a lot of sensitive information that we do not need to see and is not relevant to the report. If there are sensitive elements that you would like us to take into consideration for the report, please advise us of this within the covering email in a generic sense, i.e. if the client was suffering from ill health and this is mentioned we will confirm any enhancement to the benefits with the scheme. We do not need to know the specifics of the ill health of the client other than whether it is classed as a terminal illness.