SimplyBiz launches pension transfer service

The bureau, which allows advisers to outsource schemes for which they don’t hold the relevant permissions, was devised in anticipation of the FCA’s CP15/7 consultation paper which made advising on the conversion or transfer of safeguarded pension benefits into flexible benefits a regulated activity.

Gary Kershaw, Compliance Director of the SimplyBiz Group, commented:

“On the 6th April this year, the whole landscape of how individuals can take their pension benefits changes dramatically. Undoubtedly, this provides a huge opportunity for financial advisers, as the whole concept of how a client would best utilise their pension fund to generate income becomes a much more interesting and, at the same time, more complex, world.  

“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.”

Peter Bradshaw, National Accounts Director at Selectapension, added:

“The hugely anticipated changes in April have brought Defined Benefit Scheme membership, both active and deferred, into sharp focus and consumers are naturally concerned to make the right decisions about their retirement income.

“As these schemes can be complicated with different strata of benefits, many advisers find it helpful to have specialists undertake transfer analysis on their behalf. SimplyBiz has great foresight in putting in place this arrangement for their firms.

“We have worked closely with SimplyBiz for over 10 years and are looking forward to further deepen our business relationship by pioneering these services.”