Defined Benefit 

Simplybiz finds new DB transfer partner

Simplybiz finds new DB transfer partner

Simplybiz has launched a new defined benefit pension transfer bureau in partnership with Creative Wealth Management after usual partner Selectapension’s service was temporarily suspended.

The Creative Wealth Management service, which is available immediately to all members of the Simplybiz group, is for advisers who feel their clients would be better served by a pension transfer specialist. 

The deal comes after at the start of this month Selectapension's SBS service for new pension transfer requests stopped all defined benefit pension transfer business.

A note on Selectapension’s website stated the move was due to "unprecedented demand".

Selectapensions provides report writing and financial advice services for pension transfer analyses.

Matt Timmins, chief executive of the Simplybiz Group, said: “There has been a real increase in demand from clients for transfer business since the implementation of pension freedom.  

“We are committed to doing all we can to support advisers who want to help their clients with needs in this area.

“The Creative Wealth Management service is in addition to our existing solution with Selectapension.  

“The group wanted to ensure that it offered advisers a viable alternative and, as we have worked successfully with Creative previously when building our Workplace Solutions proposition, we are confident that it will provide a reliable and efficient service.”

Craig Harrison, managing director of Creative Wealth Management, said: “We are delighted to have been chosen to provide our services to The SimplyBiz Group and we look forward to helping members with any enquiries they may have.”

DB transfers have been under the spotlight in recent months.

In June, major player Intelligent Pensions announced it will no longer carry out advice on transfers of defined benefit pension schemes following a discussion with the regulator.

On 21 June, the Financial Conduct Authority (FCA) published new proposals on advice relating to pension transfers where consumers have safeguarded benefits.

The proposed changes include requiring transfer advice to be provided as a personal recommendation, and replacing the current transfer value analysis with a comparison to show the value of the benefits being given up.

The regulator also revealed it plans to update its guidance on assessing suitability when giving a personal recommendation to convert or transfer safeguarded benefits, so that advisers focus on whether a transaction is right for a particular individual.

emma.hughes@ft.com