SimplyBiz is to offer advisers access to a bureau that will allow them to outsource defined benefit pension transfers to meet the expected increased demand as a result of the pension freedoms.
The service, run in partnership with Selectapension, will allow advisers who do not have the pension transfer specialist qualification to comply with the FCA’s proposed rules for transfers.
Selectapension will run transfer analysis and provide the advice and take a proportion of the adviser’s fee in return.
Under the regulator’s plans, all transfers out of DB schemes and defined contribution schemes with guarantees must be overseen by advisers with the qualification.
The FCA is consulting on the proposals and could have new rules in place by the summer.
Actuaries have predicted up to a third of DB members could seek to leave schemes following the introduction of the new pensions freedoms this April.
SimplyBiz compliance director Gary Kershaw says: “At SimplyBiz, many of the calls we’re taking from advisers currently are about clients who are eager to liberate their pension funds; presumably because there is so much coverage on this issue in the media.
“We believe that this environment means the pension transfer bureau will be greatly needed and valued by those of our member firms who don’t hold the relevant FCA permissions, but want to continue to provide a holistic support offering to their clients, and we’re very pleased to be working with Selectapension, who have an industry-wide reputation for the strength of their technical support and advice.”