Simplybiz Group has partnered with Creative Wealth Management to offer its members access to a new DB pension transfer bureau on top of the existing agreement it has with the temporarily suspended Selectapension service.
The service will be available immediately.
Money Marketing revealed earlier this month that Selectapension was suspending its DB transfer service, Selectapension Bureau Services, following an FCA audit of its outsourced advice provider, CFPML.
Creative Wealth Management is part of financial planning firm Creative Benefits, which also offers employee benefits and auto-enrolment advice.
For DB transfers, Creative Wealth Management charges:
- 2.5 per cent for the first £250,000
- 2 per cent for the next £250,000
- 1.5 per cent for the next £500,000
- 1 per cent for more than £1m
The costs are subject to a minimum £3,000 fee.
Simplybiz Group chief executive Matt Timmins says: “The Creative Wealth Management service is in addition to our existing solution with Selectapension. The group wanted to ensure it offered advisers a viable alternative and, as we have worked successfully with Creative previously when building our workplace solutions proposition, we are confident that it will provide a reliable and efficient service.”
Creative Wealth Management managing director Craig Harrison says: “We are delighted to have been chosen to provide our services to the SimplyBiz Group and we look forward to helping members with any enquiries they may have.”
Through the deal with Selectapension, Simplybiz gets access to an outsourced bureau that runs pension transfers for Simplybiz advisers. Advisers get 40 per cent of the fee payable if the transfer goes ahead.
After the suspension of service was revealed, Simplybiz compliance director Gary Kershaw said: “Selectapension has done this just to catch up on workloads. We have got no reason to not have a relationship with them. It’s got nothing to do with the request from the FCA whatsoever.”
A total of 92 firms have been part of the FCA’s review of DB transfer advice, with around 10 visited by the regulator.