Pensions  

SimplyBiz to allow outsourcing for DB transfers

SimplyBiz to allow outsourcing for DB transfers

SimplyBiz Group has launched a pension transfer bureau in partnership with Selectapension, which will handle money purchase and defined benefit schemes.

As part of the government’s reforms, consumers will be required to take advice before transferring out of a DB scheme, and it will be the responsibility of trustees to check people have done so.

But the FCA’s rules mean those advising on pension transfers must have the specialist qualification.

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The SimplyBiz bureau allows advisers to outsource schemes for which they do not hold the relevant permissions.

Gary Kershaw, compliance director of the SimplyBiz Group, said: “Many of the calls we are taking from advisers are about clients who are eager to liberate their pension funds, presumably because there is so much coverage on this issue in the media.”

He added: “This environment means the pension transfer bureau will be greatly needed and valued by those of our member firms who do not hold the relevant FCA permissions but want to provide a holistic support offering to their clients.”

Adviser view

Lisa Holton, a financial planner with Dorset-based Shore Financial Planning, said: “I think the pension transfer bureau is a good idea. You would not go for help to a doctor who was not qualified.”