Selectapension sees surge in DB transfer interest

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Selectapension sees surge in DB transfer interest

Pension and investment software provider Selectapension experienced a record 67 per cent surge in new subscriptions during 2015 when compared to 2014, mostly following the introduction of the pension freedoms.

Selectapension processed just under 150,000 adviser cases in 2015 as the pensions changes drove strong demand among consumers looking to take advantage of the newfound flexibilities.

The firm claimed demand for its defined benefit transfer tool increased significantly and the company’s latest data shows a 141 per cent increase in defined benefit cases analysed from April to December 2015, compared to the same period in 2014.

According to Selectapension, these results suggest that pension freedoms are challenging the status of the defined benefit scheme as people consider switching to defined contribution schemes to explore the full range of options.

Additionally, Selectapension has actively grown its workforce in the last year in order to manage increased demand and to continue to bring innovative product and system developments to the market.

Andy McCabe, managing director of Selectapension, said: “2015 was a landmark year for Selectapension as we experienced an unprecedented increase in new subscribers and welcomed new employees to our business.

“So we start 2016 well placed to capitalise on evolving market opportunities, such as seamless processing and robo-advice.”

ruth.gillbe@ft.com