Tenet's advice firm Aspire has teamed up with Money Alive to introduce educational videos about defined benefit pension transfers to its clients.
Aspire will offer the videos to all clients who are reviewing their DB benefits and looking to transfer out.
The videos cover the benefits of staying in a DB scheme and explore the implications of transferring out.
They also include information on tax and potential risks and highlight case studies.
Helen Ball, Tenet’s group operations director, said: “Forgoing the guaranteed benefits offered by a final salary pension is one of the biggest financial decisions clients are ever likely to make and should only be taken from a position of knowledge.
“Money Alive’s educational videos are a valuable addition to our advisers’ defined benefit toolkit and are accredited by the Pensions Management Institute.”
John Glover, a co-founder of Money Alive, added: “Aspire has recognised how Money Alive’s video engagement platform can add value to its process, by providing engaging and impartial client education, saving time and helping to reduce risk by being able to evidence clients’ engagement, knowledge and understanding in this critical advice area.”
Earlier this month (November 12), Tenet reaffirmed its commitment to providing advice on DB transfers, as other advisers are leaving this space.
Caroline Bradley, risk and regulatory director at Tenet, told FTAdviser the network was "absolutely" still in business to compete in the DB market, an area which has come under increased scrutiny by the regulator in recent months.
Ms Bradley said Tenet assesses each piece of advice pre-sale and was comfortable with its advisers continuing to operate in the specialist area provided they satisfy this assessment.
In September rival Sanlam had asked advisers in its network to stop doing defined benefit transfer work because it deemed it difficult to oversee the "various processes" administered by its members.
The advice firm instead said it would prefer DB transfers to be managed by its in-house advisers or for network members to use the Unbiased service.
In the summer the Financial Conduct Authority issued a consultation on proposals to ban contingent charging while also sending advice firms warning letters and conducting market-wide visits.
The FCA has since issued a number of warnings to advice firms and is looking to introduce a new form of abridged advice, which would make it easier to advise people to not transfer.
Speaking at the Personal Investment Management & Financial Advice Association summit last month (October 16) Debbie Gupta, director of life insurance and financial advice at the FCA, said the regulator had written to more than half of the 2,500 firms that give DB advice with concerns about the quality of that advice.
amy.austin@ft.com
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