Simplybiz Group has added another defined benefit pension transfer advice partner, adding to the existing agreements it has with the temporarily suspended Selectapension service and Creative Wealth Management.
Simplybiz has confirmed it has partnered with Pensionhelp after also agreeing a deal with Creative Wealth in July.
Money Marketing revealed last month that Selectapension was suspending its DB transfer service, Selectapension Bureau Services, following an FCA audit of its outsourced advice provider, CFPML.
Simplybiz chief executive Matt Timmins tells Money Marketing Pensionhelp has been brought in to offer choice to Simplybiz members.
He says: “[DB transfers] is an area of growth at the moment and it is prudent for us to look at a number of different solutions throughout the market and to choose one that has a different charging mechanism and also to spread the workload among different providers so we don’t find ourselves in a similar situation again where one organisation is receiving the bulk of the transfers and therefore struggling with the extra demand that is coming with the Government changes.”
Timmins says the agreements with Pensionhelp and Creative Wealth are both long-term partnerships.
He adds: “They are both happy to work with our membership and their clients over the long-term and we fully expect Selectapension to come back in and join those two as an offering for our members in the future.”