Cofunds has built a pension transfer tool to help advisers tap into the pension pots sitting on life offices’ back books and move them onto a platform.
Speaking at The Platforum conference in London last week, Cofunds sales and marketing director Alastair Conway said the transfer tool forms part of its newly developed pensions package.
He said: “We took it upon ourselves to construct a pensions transfer and pensions consolidation package of features to enable advisers to make a clunky process simpler. One of these features is a pensions transfer tool.
“The tool helps advisers to understand what the client’s asset allocation needs are, how that compares with their attitude to risk and to weed out early on which of the pensions sitting on a life office’s back book are actually available for transfer.”
The tool also allows advisers to compare a pension transfer against a generic stakeholder pension and compare the cost of existing schemes to those available on Cofunds. The tool then allows advisers to identify which pensions are suitable to transfer and produces a client report.