COBS 19 Annex 3 1Format for annuity information
This annex belongs to COBS 19.9.7R(3) and COBS 19.9.15R(3)(c).
1 |
Format of bar graph in the Part 1 template |
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1.1 |
Format of bar graph (where annual income is depicted)2 |
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1.1.1 |
When a firm is creating the two bar graphs as set out in Part 1, the firm must ensure: |
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(1) |
the annual income offered by the pension annuity in the guaranteed quote is presented on the left hand side of the two bar graphs; |
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(2) |
the2 y-axis must: |
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(a) |
start with a monetary value which is £20 below the annual income of the pension annuity being offered by the firm in the guaranteed quote; |
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(b) |
use a scale which clearly and fairly depicts the difference in annual income that a retail client will obtain if a market-leading pension annuity quote is accepted; and |
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(c) |
not include any numbers or details which are not required by the rules in COBS 19.9 or the provisions of this annex. |
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21.2 |
Format of bar graph in Part 4 (where the purchase price of the pension annuity is depicted) |
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21.2.1 |
When a firm is creating the two bar graphs as set out in Part 4, it must ensure: |
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(1) |
the lowest purchase price of the pension annuity offered by the market-leading quote is presented on the left-hand side of the two bar graphs with the higher purchase price in the firm’s guaranteed quote appearing on the right-hand side; |
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(2 |
the y-axis must: |
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(a) |
start with a monetary value which is £20 below the purchase price of the lowest pension annuity quote; |
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(b) |
use a scale which clearly and fairly depicts the difference in the purchase price of the pension annuity offered by the market-leading quote and the firm’s guaranteed quote; and |
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(c) |
only include numbers or details which are required by the rules in COBS 19.9 or the provisions of this annex. |
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Part 1: Template for cases where the guaranteed quote does not provide highest annual income
Where the guaranteed quote does not provide the highest annual income
Part 2: Template for cases where the guaranteed quote, the guaranteed annuity rate, a guaranteed minimum pension or section 9(2B) rights offer the highest annual income
Where a guaranteed quote, a guaranteed annuity rate, a guaranteed minimum pension or section 9(2B) rights offers the highest annual income
2
Part 3: Template for cases where the retail client’s consent is required to allow a firm to generate a market-leading pension annuity quote and that consent has not been given4
Where the retail client’s consent is required to allow a firm to generate a market-leading pension annuity quote and that consent has not been given4
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2Part 4: Template for cases where the market-leading quote offers the lowest purchase price pension annuity
Where the market-leading quote offers the lowest purchase price
2
2Part 5: Template for cases where the income quote or the application of a retail client’s guaranteed annuity rate offers the lowest purchase price pension annuity
Where the income quote or a guaranteed annuity rate offers the lowest price pension annuity
4Part 6: Template for cases where the retail client has requested an income quote and the retail client’s consent is required to allow a firm to generate a market-leading pension annuity quote and that consent has not been given4
Where the retail client has requested an income quote and the retail client’s consent is required to allow a firm to generate a market-leading pension annuity quote and that consent has not been given4
2