If you're paying £250-£350 per case for para planners or spending hours manually processing pension transfers, you're looking for alternatives. Here's an honest comparison of every option available to UK financial advisors in 2025.
This is a comprehensive comparison of all viable options for pension transfer processing: para planners, admin companies, cloud AI tools (Pano, AdvisoryAI, Aveni), and on-premises AI automation. We'll cover real costs, time savings, GDPR implications, and which solution makes sense for your firm.
Full disclosure: We build MonAI, the only on-premises AI automation system for UK financial advisors. But this article includes real competitor analysis, honest trade-offs, and when other solutions might be better for you.
Evaluating your options: UK financial advisors comparing pension transfer software solutions to find the best fit for their practice
Quick Comparison: 5 Options for Pension Transfer Processing
| Solution | Time per Transfer | Cost per Transfer | Data Location | Best For |
|---|---|---|---|---|
| Manual Processing | 30 mins - 1.5 hours | £0 (your time) | Your office | The status quo (most firms today) |
| Para Planners | N/A (outsourced) | £250-£350 | UK-based | Technical work, suitability reports |
| Admin Companies | 1-2 hours | £20-£80 | UK-based | Data entry, non-technical admin |
| Cloud AI (Pano, AdvisoryAI, Aveni) | 5-30 minutes | Subscription-based | UK cloud servers | If you accept cloud service risk |
| On-Premises AI (MonAI) | 5-30 minutes | Contact for pricing | Your office only | Zero cloud exposure |
Option 1: Manual Processing (The Status Quo)
How It Works:
You (or your admin) manually read through pension transfer documents—TVAS reports, current provider statements, transfer forms—and copy data field by field into your systems. Every number, every date, every policy detail entered by hand.
Pros
- •No upfront cost
- •Full control over process
- •Data stays in your office
- •No learning curve
Cons
- •30 mins - 1.5 hours per transfer (time-consuming)
- •Human error rate (copy-paste mistakes)
- •Prevents scaling (bottleneck on growth)
- •Hidden cost: your billable time
Real Cost Analysis:
If you process 50 transfers/year at 1 hour each = 50 hours. At £150/hour advisor rate = £7,500 in opportunity cost. That's revenue you could be generating instead.
Bottom line: Manual processing works if you're doing fewer than 5 transfers per year. Beyond that, you're leaving money on the table.
Option 2: Para Planners (UK Qualified Professionals)
How It Works:
Outsource pension transfer work to qualified para planners (Level 4+ qualified UK professionals). They handle technical analysis, suitability reports, and compliance documentation. Typical cost: £250-£350 per case depending on complexity.
Pros
- •Professionally qualified (Level 4+ CII, Diploma)
- •Full suitability reports and compliance work
- •GDPR compliant (UK-based professionals)
- •Completely hands-off for advisors
- •Pay per case (no fixed overhead)
Cons
- •Expensive: £250-£350 per transfer
- •Costs scale linearly (50 cases = £12,500-17,500/year)
- •Turnaround time (typically 3-5 business days)
- •Less control over process and timing
- •Overkill if you only need data extraction
Real Cost Analysis:
20 transfers/year: 20 × £300 = £6,000/year
50 transfers/year: 50 × £300 = £15,000/year
100 transfers/year: 100 × £300 = £30,000/year
Para planners are expensive but deliver fully compliant suitability reports. However, if you're just looking for data extraction and admin efficiency (not technical advice), you're paying for expertise you don't need.
Bottom line: Para planners are excellent for technical suitability work but expensive overkill for data extraction and admin tasks. Best when you need qualified technical analysis, not just document processing.
Option 3: Admin Companies (Outsourced Data Entry)
How It Works:
Outsource administrative work to UK-based admin companies that specialise in financial services. They handle data entry, form filling, document preparation, and non-technical tasks. Typical cost: £20-£40/hour (£20-£80 per transfer depending on complexity).
Pros
- •Much cheaper than para planners (£20-£40/hour vs £300/case)
- •GDPR compliant (UK-based companies)
- •Flexible capacity (scale up/down as needed)
- •Frees up advisor/internal staff time
- •No hiring, training, or HR overhead
Cons
- •Still takes 1-2 hours per transfer (human speed)
- •Costs scale with volume (more work = higher costs)
- •Quality depends on company and individual admin
- •Turnaround time (typically 24-48 hours)
- •Human error rate (typos, misreading handwriting)
Real Cost Analysis:
Assuming 1.5 hours per transfer at £30/hour:
• 20 transfers/year: 30 hours × £30 = £900/year
• 50 transfers/year: 75 hours × £30 = £2,250/year
• 100 transfers/year: 150 hours × £30 = £4,500/year
Admin companies are cost-effective for moderate volumes but still require human processing time. Good middle ground between DIY and para planners.
Bottom line: Admin companies are a practical solution for non-technical work at reasonable costs. Best for firms that want to outsource data entry without paying para planner rates, but still bound by human processing speed.
Option 4: Cloud AI Tools (Pano, AdvisoryAI, Aveni)
How It Works:
Upload documents to cloud-based AI platforms built specifically for UK financial advisors. Companies like Pano (pension data extraction), AdvisoryAI (market leader with 1,200+ advisors), and Aveni (enterprise solution with call transcription) offer AI-powered document processing. Your data is uploaded to their UK/EU cloud servers, processed by AI, and results are returned via web dashboard.
Pros
- •Fast AI processing (5-30 minutes per transfer)
- •Built for UK advisors (understands pension schemes, FCA terms)
- •No hardware installation required
- •Regular updates and new features
- •UK/EU data centers (better than US services)
Cons
- •Cloud storage risk: Your client data is uploaded to external servers
- •Subscription costs (pricing varies by provider)
- •Internet dependency (no offline processing)
- •Data breach exposure (if vendor is compromised)
- •Potential for vendor changes, pricing increases, or shutdown
Important Cloud Consideration:
While UK-based cloud AI providers (like Pano, AdvisoryAI, and Aveni) are better than US services (ChatGPT, Claude), your client data still leaves your building. You're uploading National Insurance numbers, financial details, addresses, and pension information to a third-party server.
Questions to ask yourself: Are you comfortable with client data being stored on someone else's servers? What happens if that company is acquired, has a data breach, or changes their pricing? What's your notification obligation to clients about third-party data processing?
Real Cost Considerations:
UK cloud AI providers typically offer:
• Subscription-based pricing models
• Tiered pricing based on firm size or document volume
• Different feature sets at different price points
Pricing typically scales with user count or document volume. Check contract terms carefully—some providers charge per-document fees on top of subscriptions at high volumes. Contact providers directly for accurate pricing based on your specific needs.
Bottom line: Cloud AI tools like Pano, AdvisoryAI, and Aveni are fast and purpose-built for UK advisors, but require uploading client data to external servers. Good if you're comfortable with cloud storage; not ideal if you want zero external data exposure.
Option 5: On-Premises AI Automation (MonAI) — The ONLY Local Solution
The Only On-Premises AI for UK Financial Advisors
Unlike Pano, AdvisoryAI, and Aveni (all cloud-based), MonAI is the only AI solution where your client data never leaves your building. Zero cloud exposure. Zero external data transfer.
How It Works:
Dedicated AI hardware installed in your office. All processing happens locally on your premises—documents never leave your building, never touch the internet, never go to external servers. Drag-and-drop interface extracts data from pension documents automatically. Results include hyperlinked source references you can click to verify.
Pros
- •Zero cloud exposure: Data never leaves your office
- •Same speed as cloud AI: 5-30 minutes per transfer
- •95%+ accuracy with source verification
- •Unlimited processing (no per-use fees)
- •No internet dependency (works offline)
- •Hardware included (no IT expertise needed)
- •2-hour setup time
Cons
- •Higher investment than cloud subscriptions (hardware included)
- •Physical hardware in office (requires desk space)
- •12-month minimum commitment
- •Only makes sense for high-volume firms (>30 transfers/year)
Key Investment Considerations:
What's included: Hardware, software, support, and updates as a complete package
Time savings vs manual processing:
• Manual: ~1 hour per transfer
• MonAI: ~15 minutes per transfer
• Time saved: ~45 minutes per transfer
Value drivers:
• Recovered billable time for advisors
• Avoided admin hiring costs
• Faster client turnaround
• Zero cloud exposure
Best fit: Firms processing 30+ transfers per year who want zero cloud exposure. Same speed as cloud AI (Pano, AdvisoryAI, Aveni) but data never leaves your building. Contact us for pricing based on your specific needs.
Case Study: JPA Financial
JPA Financial saved 35 hours per week and avoided £25K in hiring costs using MonAI. They've been operational for 6+ months with 95%+ accuracy. Read the full case study: JPA Financial Case Study →
Bottom line: MonAI is the ONLY on-premises AI solution for UK financial advisors. Unlike Pano, AdvisoryAI, and Aveni (all cloud-based), your client data never leaves your building. Best for firms processing 30+ transfers/year who want zero cloud exposure and maximum data control.
Which Solution Is Right for You?
Decision Framework:
If you process <5 transfers per year:
Stick with manual processing. The time investment isn't worth outsourcing costs yet. Focus on growing your client base first.
If you need suitability reports and technical analysis:
Use para planners (£250-£350 per case). They're expensive but deliver professional technical work. Not suitable if you just need data extraction.
If you process 5-30 transfers per year and want to outsource:
Consider admin companies (£20-£80 per transfer). Cost-effective middle ground for data entry work, but still bound by human processing speed.
If you process 20+ transfers per year and accept cloud storage:
Consider cloud AI tools like Pano, AdvisoryAI, or Aveni. Fast AI processing with subscription-based pricing, but your data is uploaded to external servers. Good if cloud storage is acceptable to you.
If you process 30+ transfers per year and want ZERO cloud exposure:
MonAI (on-premises AI) is the only option. Fastest processing, highest data security, only solution where documents never leave your building. Higher investment than cloud subscriptions but includes hardware, software, and support as a complete package.
Common Questions About Pension Transfer Software
"Why not just use Pano, AdvisoryAI, or Aveni? They're built for UK advisors."
Excellent question. Pano, AdvisoryAI, and Aveni are legitimate solutions built specifically for UK financial advisors, and they work well for many firms. The key difference is cloud vs. on-premises. With cloud AI, your client data (National Insurance numbers, financial details, addresses) is uploaded to their servers. With MonAI, data never leaves your building. If you're comfortable with cloud storage and want easier setup, cloud AI is fine. If you want zero external data exposure and maximum control, MonAI is the only option. It depends on your risk tolerance and compliance philosophy.
"Can't I just use ChatGPT and anonymise the data?"
Technically yes, but practically difficult. You'd need to remove/replace: client names, National Insurance numbers, addresses, policy numbers, employer names, and any other identifying information. Then manually add it back after processing. At that point, you're spending almost as much time anonymising as just processing manually. Plus, anonymisation isn't perfect—reidentification is possible with enough data points. If you're going to use AI, use purpose-built tools (either cloud AI for advisors, or MonAI for on-premises).
"Is on-premises AI difficult to set up?"
No. MonAI is plug-and-play. We bring hardware to your office, plug it in, connect it to your network, and train your team in 2 hours. No IT expertise required. You get a drag-and-drop interface that works like uploading a file to Dropbox. Cloud solutions (Pano, AdvisoryAI, Aveni) are easier to start with (just sign up online), but MonAI setup is still straightforward.
"What if the AI makes a mistake?"
MonAI provides hyperlinked source references for every extracted data point. Click any number and it highlights the exact location in the source PDF. This makes verification fast (30 seconds to scan vs 30 minutes to re-read). You maintain human oversight—the AI accelerates, you validate.
"How much does MonAI actually cost?"
MonAI uses a Hardware-as-a-Service model with monthly payments. The package includes hardware, software, support, and updates. No per-document fees. Unlimited processing. 12-month minimum commitment. We own the equipment, you pay monthly. Pricing is designed for high-volume firms (30+ transfers/year) and represents a significant investment compared to cloud subscriptions, but a cost-effective alternative to hiring admin staff or using para planners at volume. Contact us for specific pricing based on your firm's needs.
Our Honest Recommendation
If you're processing fewer than 5 pension transfers per year: Stick with manual processing. Automation costs aren't justified yet.
If you need technical suitability reports: Use qualified para planners. They're expensive (£250-£350 per case) but deliver professional technical work.
If you're processing 5-30 transfers per year and just need data entry: Admin companies are a practical middle ground (£20-£80 per transfer). Still human-speed, but cost-effective.
If you're processing 20+ transfers per year and accept cloud storage: Cloud AI tools like Pano, AdvisoryAI, or Aveni are fast and purpose-built. Good solutions if you're comfortable with external data storage and subscription-based pricing.
If you're processing 30+ transfers per year and want ZERO cloud exposure: MonAI is the only on-premises AI solution. Data never leaves your building. Fastest processing, maximum data control, only option where client documents never touch external servers. Higher investment than cloud subscriptions but includes complete hardware and support package.
We built MonAI because we saw UK financial advisors choosing between cloud AI (fast but risky) and manual processing (slow but secure). There needed to be a third option—one that doesn't force you to choose between speed and data sovereignty.
See MonAI Process Your Actual Documents
Free 15-minute demo. Bring your pension transfer documents (TVAS, provider statements, transfer forms). Watch MonAI extract data in real-time. No sales pitch—just a live demonstration with your files.
Book Your Free Demo →You'll see exactly how much time MonAI would save based on your specific document volume.