ScotWids launches online pension transfer guidance service

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Scottish Widows has launched an automated pension transfer service for workplace pension customers which it says will ease the burden on advisers.

The service is open to corporate pension members who are receiving employer contributions. However, it does not provide advice and will not cover defined benefit or block transfers or pension sharing order.

The provider says the programme is aimed at advisers who do not offer transfer advice themselves or where the cost of advice is prohibitive for people with small pots.

Scottish Widows corporate propositions director David Holton says: “We have worked closely with advisers to develop this new online transfer service which aims to fulfil an unmet customer need to be able to consolidate pension assets simply. The new service enables advisers to focus on more complicated retirement planning requirements and on those clients with more substantial assets.

“It will particularly help support advisers when they are working on pension transfers across an entire scheme. In this instance, the adviser can concentrate on more complex customer needs on an advised basis, with more straightforward cases being transferred to the self-service section on the website.”

The firm says it is working on expanding the service to include individual customers.