Personal Pension  

Standard Life offers DB to DC transfers support

Standard Life offers DB to DC transfers support

Standard Life is launching a suite of materials to offer more support to advisers in the defined benefit (DB) to defined contribution (DC) transfer space.

The provider has produced a questionnaire for advisers to use with clients to see if they understand the implications of transferring, helping clients articulate why they want to transfer.

According to Alastair Black, head of financial planning propositions at Standard Life, the questionnaire can help clients avoid unnecessary costs if they determine they don’t want to transfer.

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A new support guide has also been produced with hints and tips to help with the transfer process, for advisers and their clients, whether through streamlining the process, or reducing costs.

Mr Black said: “Pension freedom has resulted in a rapidly changing adviser market and DB to DC transfers are one of the challenges to emerge.

“As these transfers are becoming increasingly popular, advisers have told us they need help to cope with the change.

“They say it is complicated for the client and time consuming for their business, especially when so many don’t proceed.”

Mike Angell, managing director at Angell Mallinder Limited, said: “The materials developed by Standard Life make perfect sense and will be really useful.

“We rarely accept DB transfers due to their complex nature but this will really help when talking to clients about their options.”

The launch of Standard Life’s tooks come after Scottish Widows launched an online pension transfer tool last month, which allowed members of multiple corporate schemes to consolidate their schemes into one account.

The Lloyds-owned company pitched the new service as a tool for members that can’t afford advice.