Guernsey-based pension specialist Software Company QTech Solutions provide on-line tools for The QROPS Bureau.
Based in Guernsey, specialist pensions software provider QTech Solutions is very familiar with the needs of the QROPS market. QTech is delighted to have formed an alliance with The QROPS Bureau which will be beneficial to its members, providing rapid-access pay-as-you-go illustration tools online.
QTech's MD Troy Queripel ( pictured) commented 'I'm astounded at the number of organisations that are happy to use time consuming manual or spread sheet methods to illustrate draw down or funding scenarios for their clients. I think the time is right to provide the end client with informative accurate illustrations and reports.'
QTech identified a number of areas where the use of online illustration and calculators could not only enhance the end client experience but also speed up the various administration processes with an associated cost saving.
Firstly the Guernsey based company identified that the market didn't provide a 'first-look' independent DB transfer suitability system for IFAs and providers. So they developed QCrit which provides a comprehensive current pension to QROPS comparison report. Through an arrangement with pension specialist First Actuary, the user can then progress to the next stage of a full TVA report should the QCrit analysis look positive.
The QROPS draw down/funding illustration product Q360 provides fast informative easy-on-the-eye graphs and an annual GAD rate draw down and capital breakdown for the life expectancy of the client. A useful feature of this product is the ability to compare the scenarios of taking the Pension Commencement Lump Sum (PCLS) and that of not taking the PCLS at retirement age.
Finally, to cater for the burgeoning QNUPS market QCalc was launched. This allows the pension professional to provide their client with funding information on the required one-off lump sum or annual contributions that are necessary to provide the client defined annual income for their life expectancy. The system can also calculate the level of income that is achievable based on either a lump sum payment or annual contributions (or a combination of both) into the pension fund.
QTech has a policy of organic development. All its products are constantly being improved for the benefit of its users and their development team is reactive to new legislative and operational requirements, producing new products as the market needs change.