TVC tools
SteveC
Member
Hi all,
Following today's announcement that CashCalc are withdrawing their TVC tool immediately for new users and by the end of 2019 for existing users, I'm looking for help.
My firm signed up to CashCalc at the end of 2018 (after much badgering by me!) and cancelled our Selectapension licence in large part because of the TVC/APTA tool on CashCalc (didn't need both!). I really like CashCalc for the TVC/APTA as well as the core modelling tools and the rest of the calculators. We also have a license for Voyant but I find Cashcalc simpler and more user friendly - importantly so do the advisers I work with who have to present it to clients.
We don't do a lot of DB work but it does come up from time to time so we need the tools to hand if/when it does. When CashCalc's news reaches my firm's Partners tomorrow they will want a tool that does the TVC and their first temptation will be to replace the cost of the CashCalc licence with any new software licence.
Is there a tool out there that can just do the TVC as a standalone task, simply and cheaply? If so, we can still do the rest of the APTA modelling within CashCalc?
Did I read somewhere that one of the other cashflow modelling providers (Voyant or Prestwood?) were on the verge of adding a TVC module? That may be the solution?
Anyone else in the same boat?
Thanks in advance.
Comments
We use Selectapension. Voyant announced their AdviserGo has a TVC earlier this week but I'm having logging in problems to check it out.
It does seem a little OTT to have both Voyant and cash calc.
Take your pick of those (and halve the subscription costs) then depending on frequency of need plumb for one of the main TVC modules (eg selectapen).
We use CashCalc and like it but not for APTA. I'd struggle basing such a high risk bit of advice on the output from a tool that doesn't take tax fully into account automatically. With DB cases the cost of the most suitable software shouldn't really be an issue IMO. The only tool for the job should be the best tool. We use Selectapension for TVC and then XPLAN by default for the cash flow part of the APTA. Our clients active in DB use Voyant or Truth for the cash flow parts.
Paraplanner. F1, Apple, Nutella, ice cream. No trite motivational quotes. Turning a bit northern.
I saw the Voyant video on the newly launched TVC and it didn't look like it was dealing with more than one slice of benefits. I'll have a proper look when I get a chance.
Hi Steve / all,
I seem to recall Ray Adams (cash calc guy) saying you could easily do the TVC yourselves in excel. The mandated assumptions are here I believe: https://www.handbook.fca.org.uk/handbook/COBS/19/1.html#D463380
It's tempting to do so as I'm not impressed with the reports from O&M or last time I looked at SAP. I need to revisit it, but last time I looked SAP's it was their TVAS with a TVC shoved in. I don't want to be dealing with explaining the critical yield if there's no need.
I really want to continue using cash calc for the forecast part. I don't know if cash calc will continue providing the 'gated version' of their cash flow model which was intended to be 'APTA compliant'. For example, inflation assumption was (and still is) set at 2.5% with a warning not to change it as per the attached doc. This doc is no longer available on their website so I'm wondering how to keep my cashflow models APTA compliant with cash calc removing their support.
I have tried asking Simply Biz about this but she would not give a specific answer and would only direct me to the prescriptions linked above. In particular the inflation assumptions under point 4 in Annex 4C. https://www.handbook.fca.org.uk/handbook/COBS/19/Annex4C.html
It seems odd so odd that this happened (my original query with Simply Biz):
"06 April 2019
Where we refer to an inflation rate in the information shown below, please note that from 6 April 2019, the inflation rate assumption used in projections for illustrations which are governed by Financial Conduct Authority (FCA) regulations will be** 2.00% instead of 2.50%**.
However, for statutory money purchase illustrations which are governed by Financial Reporting Council standards, the inflation rate assumption used in projections will remain as 2.50%."
Source: https://www.aegon.co.uk/support/faq/how-do-i/documentation/personal-documents/how-are-projection-rate-changes-affecting-my-pension-or-investment.html
But the inflation rates linked above seem to have been revised up? Not that I know what point 4 in Annex 4C
looked like previously but generally higher than 2.5%. I'm so confused. I only want to know the inflation assumption to use in an APTA compliant cashflow forecast. Can anyone help with this?
Thanks,
Clare
We use OM Pension (for TVAS & TVC). Had a look at the O&M Solutions version just launched and it looks ok too. Wouldn't take on the OM version if you do this infrequently but we like its output even though its not the cheapest and could have improved functionality. Used SA Pen in the past and liked it too.
As for DIY, our newish Compliance Manager thought that you could do it DIY but when he looked at the rules in depth he was persuaded that it wasn't a great use of our time when there are ready made solutions.
As for Cashflow we use cashcalc (cheap and range of tools) we also use Focus (although it will fall away when the licence period ends) which is leading to a review of what we use and when.
good morning all. I wonder if those that use SelectaPension may be able to help me please?
we have a DB case with a relatively small GMP fund and I recall, from a long while ago now, there are some potential limitations using the SelectaPension TVAS/TVC tool to be aware of...could anyone remind me of those please? as we hardly deal with DB transfer cases and I'm involved in one just now, so I just want to be on the ball (with any pros/cons of the TVAS/TVC tool) if we go ahead and use SelectaPension analysis.
many thanks in advance all
@Tamnna can you elaborate? I use Selectapension for DB cases too. I think there are limitations on any system you use, and I admit I'm still learning even small nuances on some of the systems I use, Selectapension included
Thanks @Andy_Schleider. I vaguely recall the some caution to the output but I don't know what exactly! (It was a bit too abstract for me to gauge as we don't tend to see many DB transfers). I know SelectaPension provides a more simplistic analysis but that's about it
Perhaps just some understanding of any oddities/ anomalies anyone has come across, if at all any, would be handy to know 
TIA!