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Glossary

Back Office System (BOS)

Sometimes referred to as a Client Relationship Management or CRM system, an adviser's Back Office System (BOS) can be run on your own hardware or run using the Internet. It is used to manage client data, produce client reports, perform financial analysis, link to Product Providers and sourcing systems etc, manage the diary, new business, compliance and commissions as well as generate and store correspondence and documents.

Block Transfer
A transfer where two or more members of the same scheme transfer to the same receiving scheme with the benefit of protecting their Pre A-Day tax free cash allowance and early retirement age benefits (aka 'Buddy' Transfers).
Broadband
Usually used in reference to a type of internet connection, being much faster than standard dial-up internet speed and provided by an Internet Service Provider (ISP).
Bulk Annuity

A Bulk Annuity is a provider product that is bought by firms that run final salary pension schemes to provide an income for their workers who retire.

Many firms who offer final salary pensions are trying to reduce their responsibilities for providing agreed incomes by closing the schemes to new members and selling on the annuities.
Bulk Data Download

General Definition

The download of a large amount of data relating to multiple clients, policies and policy valuations all in one step.

Origo Standards Definition

A Standard that was developed to ensure provision of summarised contract data by Product Providers to IFAs in a consistent and common format.

Bulk Transfer
The transfer of a group of members, not necessarily with their consent, from one pre-retirement pension scheme to another, or to S32 Buy Out policies.
Business Object
A reusable structure, expressed in UML format, which has been identified as being common across a number of domain models e.g. document, company, fund.
Business Process Model
A diagram describing the business activity for which standardisation is being looked at. It contains process descriptions and clearly identified areas for standardisation.