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Aviva explores DB transfer advice offering

Customers are asking Aviva for help to understand DB transfers

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Aviva is considering offering defined benefit pension transfer advice in response to customer demand.

Aviva announced plans to launch an advice arm in July last year and it has already recruited 47 advisers to the restricted business.

According to the Financial Times, Aviva UK chief executive Andy Briggs says customers are asking the provider for more help in understanding pension transfers.

DB transfer numbers hit 80,000 in one year

However, he says the company has not yet decided whether it will start advising clients about DB transfers but emphasises any advice would be based on a calculation of how much money the customer could make by investing the lump sum compared with the income from the final salary scheme.

Briggs was clear Aviva has not reached a firm decision on whether to offer DB transfer advice or not.

He says: “We are exploring whether or not it makes sense.”

In February, Money Marketing revealed Prudential had gained FCA approval to give DB transfer advice.

Standard Life-owned national advice firm 1825 is also offering DB transfer advice to clients of the firms it is acquiring.

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