Scottish Widows launches DB toolkit for advisers

The launch comes as Scottish Widows reports March was its highest-ever month for Transfer Value Analysis System report requests, alongside a 170% increase in the number of requests in Q1 2017 compared to the same period last year.

Over a fifth (21%) of the 11 million people in a DB scheme say they want their employer to provide paid-for financial advice on pension saving and 39% would like help budgeting for their retirement. In addition, 42% of those with a DB pension have multiple pots, which can add to the challenge for advisers in what is a complex market.

Scottish Widows has therefore produced a number of information including adviser and customer information guides; case studies showing what successful defined benefit advice looks like; templates to help advisers talk through the main considerations when transferring out of a defined benefit pension; and a checklist of information and requirements when requesting a TVAS report.  

Ronnie Taylor, Director of Distribution at Scottish Widows, said: “The surge in demand for our defined benefit support has been staggering. The increased interest has been mainly from people looking to access their funds flexibly, the ability to pass on funds to beneficiaries, and of course continued financial market conditions meaning transfer values for many in a defined benefit scheme are higher than ever before.

“But moving out of a defined benefit scheme may not be the right option for everyone, so we’ve used our in-house technical expertise to create a digital toolkit for advisers, available free of charge, so they have expert advice at their fingertips for their clients.”