Pension Advice Vouchers Service Agreement
This Service Agreement (the “Agreement”) refers to the Pension Advice Vouchers services (the “Services”) which are provided and operated by Pension Advice Vouchers. Pension Advice Vouchers is a trading name of VouchedFor Limited (the “Contractor”), a company registered in England number 07485300, whose registered office is at 8 Waldegrave Road, Teddington, TW118HT.
The Contractor will provide the Services to the organisation accepting this agreement (the “Employer”) and the individual requesting Pension Advice Vouchers (the “Employee”). The Contractor, Employer and Employee (together “the Parties”) agree that the terms of this Service Agreement shall be binding upon the Parties immediately upon submission of the Employee’s request for Pension Advice Vouchers.
“Employee” means any person employed by the Employer for whom a Pension Advice Voucher is requested (either by the Employee themself or by an Adviser on behalf of the Employee).
“Adviser” means the professional adviser who has provided the Employee with Pension Advice.
“Pension Advice Vouchers” and “Vouchers” means the electronic pension advice cash vouchers which may be requested by an Employee in order to reimburse the Employee for the cost of Pension Advice they have received.
“Pension Advice” and “Advice” means the provision of information, guidance or advice relating to a person’s pension arrangements as defined by HMRC’s Employment Income Manual, section EIM21803.
1. The Agreement shall run for a period of 12 months initially and then continue in effect unless or until terminated by either Party.
2. The Agreement may be terminated by either party by providing written notice 45 days before the termination date.
3.If any provision of this Agreement is held by any court or other competent authority to be void or unenforceable (in whole or part), the other provisions of this Agreement and the remainder of the affected provisions shall continue to be valid.
4. The Contractor is appointed as an independent contractor.
5. This Agreement shall be governed in accordance with the laws of England, and the English courts shall have exclusive jurisdiction in all matters relating to this Agreement.
Data and Data Protection
6. All confidential information, personal data and other information provided by the Employer or Employee to the Contractor will be used only for the purposes of fulfilling the terms of the Service outlined in this Agreement.
7. Employees will be invited by the Contractor to opt in to receiving further communication from the Contractor, including offers they may be interested in. Employees who do not opt in to receiving further communication will not be contacted except where necessary to complete the Service outlined in this Agreement.
9. It is the responsibility of the Employer to ensure that they only upload or otherwise share data with the Contractor that they are permitted to share.
10. Where the Employee submits a request for Pension Advice Vouchers themself, the Employee grants permission for the Contractor to request and to receive relevant information from the Employer and the Employee’s Adviser. This includes information about the type and value of advice received by the Employee.
11. Where an Adviser submits a request for Pension Advice Vouchers on behalf of an Employee, the Adviser will be required to provide sufficient evidence to the Contractor that:
a. The Employee is a client of that Adviser,
b. The Employee is eligible to receive Pension Advice Vouchers (as detailed in this document),
c. The Employee has given the Adviser permission to request a Pension Advice Voucher on the Employee’s behalf, and
d. The Employee has given permission for the Contractor to request and to receive relevant information from the Employer and the Employee’s Adviser which is necessary for processing the request for Pension Advice Vouchers.
12. A new request for Pension Advice Vouchers can be created by completing the online form at www.pensionadvicevouchers.co.uk. This may be done either by the Employee themself, or by an Adviser on behalf of an Employee who is a client of that Adviser.
13. The Contractor will provide the Employer with an online account through which the Employer can track the progress of existing requests by their Employees.
14. In order to claim Vouchers, the Employee must have either:
a. received and paid for Pension Advice since the beginning of that tax year.
b. Committed to paying for Pension Advice in the current tax year.
15. The Employee may request up to £500 worth of Pension Advice Vouchers each tax year from each Employer that they are employed by.
16.The Employee may not request more than the total cost of pension advice incurred in each tax year.
17. Pension Advice Vouchers may only be requested for pension advice that was not paid for via the Employee's pension fund(s).
18. When a new request has been created, the Contractor will seek to verify the type and value of pension advice received by the Employee. By creating a new request, the Employee grants permission to the Contractor to share information about the Employee and the Employee’s Adviser with the Adviser and the Employer.
19. In order to verify a request, the Adviser must have an active account on www.vouchedfor.co.uk, and have successfully passed that website’s verification processes. Part of these processes will require proof that the Adviser’s firm is regulated by the FCA to give financial advice.
20. In the event that the Contractor is unable to verify the type or value of advice given to the Employee by the Adviser, the Contractor will notify the Employer via email or their online account and the request will be rejected.
21. Where an Employee does not already have an Adviser, they may request that the Contractor put them in touch with an Adviser or other pension advice service that suits their particular circumstances. While the Contractor makes every effort to ensure these recommendations are appropriate, it is the Employee’s responsibility to ensure that their Adviser is suitable.
22. The Contractor gives no warranty and makes no representation to the Employer or the Employee as to the skills or suitability of the Adviser for the Employee’s specific circumstances.
Voucher Issue and Execution
23. Voucher requests that have been verified by the Contractor will then be eligible for approval and payment by the Employer.
24. The Employer agrees to pay to the Contractor a fee of 13.8% of the value of each voucher request (“Administration Fee”). For example, an order of £100 worth of Pension Advice Vouchers would result in a fee of £13.80.
25. The Employer will be invoiced by the Contractor on a monthly basis, and will receive the invoice within the first 5 working days of the month. The invoice amount will be the total value of the vouchers approved by the Employer which have not yet been paid to the Contractor, plus the Administration Fee (see above).
26. Payments can be made by the Employer via bank transfer using information provided by the Contractor.
27. Upon payment:
a. Where the voucher request is concerning Pension Advice that has already been paid for by the Employee, the Contractor will contact the Employee directly to arrange payment of their Pension Advice Vouchers via bank transfer.
Payment by the Contractor to the Employee will be made within 2 working days after the Contractor has received the Employee’s account details and the Employer’s invoice has been paid.
b. Where the voucher request is concerning Pension Advice that they have not yet paid for, the Employee may instead request that the Contractor pay out the value of the Voucher to the Employee’s chosen Financial Adviser.
28. If after 90 days the Contractor has not been able to successfully complete the transfer, the outstanding amount will be returned to the Employer and the request will be cancelled. The Administration Fee would not be refunded in this case.
29. It is the Employer’s responsibility to notify its eligible employees of the availability of the Pension Advice Voucher Service as may be required by applicable law or regulation. Employees who have not yet received pension advice may receive assistance to find a suitable Adviser at www.pensionadvicevouchers.co.uk.
30. It is the Employer’s responsibility to ensure that they adhere to all applicable legislation and HMRC published guidance in connection with the salary sacrifice and tax arrangements in respect of the provision of pension advice or guidance related to pensions for its employees as contemplated by this agreement.
31. It is the responsibility of the Employer to ensure that the Employee is reimbursed for no more than £500 from that Employer in each tax year.
32. It is agreed that all remuneration provided to employees shall be defined, calculated and provided solely at the discretion of the Employer, and that the Contractor shall be acting solely on the instructions of the Employer.
33. It is the responsibility of the Employer to ensure that an Employee who participates in the Service has the correct amount deducted from his or her salary. The Contractor accepts no liability for any fees or penalties owed by the Employer or the Employee as a result of the Employer’s failure to pay the Employee the correct amount.