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Switching referral service for IFAs

Online pension adviser Comparemypension.com is offering a pension-switching referral service for IFAs.

Thepensionsspecialist.com.will offer an identical service to Comparemypension.com, where clients are offered a free online report with a recommendation on any pension transfers before they decide to deal with the adviser.

Thepensionsspecialist.com charges a minimum £750 fee to the client on a sliding scale by fund value. The IFA introducer gets a fee dependent on the size of the transfer.

Comparemypension.com founder Douglas Baillie says the website will be able to cope with small pension pots due to its low overheads. He says: “Offering an online proposition means the client is not threatened or coerced, there is a distance and all the decisions are theirs.”

Research by Comparemy pension.com found 70 per cent of its clients had their pension costs reduced by switching.

Baillie says: “The big issue is charging. Doing business online is the key to our proposition as it reduces costs for the pensionholders.”

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