Just Group launches DB transfer business

HUB Pension Solutions provides a digital platform enabling advisers to generate transfer value analysis for individual scheme members in real time.

The service also provides trustees and scheme sponsors with support for their individual pension scheme members. It helps members understand the valuable benefits provided by their pension scheme, delivers real-time access to their up-to-date individual scheme benefits and helps them to compare these to other options available.

HUB Pension Solutions has worked closely with Spence & Partners - a privately owned UK firm of pension consultants, actuaries, IT specialists and administrators - to develop the new business.

David Cooper, chief executive of the HUB companies, said: "We've transformed the way scheme exercises can now be undertaken. HUB Pension Solutions uses digital technology to radically disrupt the way scheme specific information can be interrogated and delivered to pension scheme members and financial advisers in real time at the click of a button."

David Davison, director at Spence & Partners, commented: "Currently generating transfer value analysis for a large scheme can take months, it's done in an archaic way and costs too much. HUB Pension Solutions is a game changer. The service integrates with Spence's award winning administration platform allowing accurate, up-to-date member data to be interrogated in real time. This will radically speed up delivery times and reduce cost."

David Cooper continued: "The FCA want to ensure this market is safer for consumers. Our new service delivers help direct to members before advice is even considered. Only those people who have concluded they have a solid reason for considering alternatives to receiving scheme benefits will be connected with the scheme's appointed regulated financial advisers."