Defined BenefitDec 20 2022

O&M launches DB transfer value analysis service

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O&M launches DB transfer value analysis service
Pexels/Dan Cristian Pădureț
BySonia Rach

Defined benefit software and services provider O&M Pension Solutions has launched a new service to help advisers with retrospective DB transfer analysis. 

O&M said this service allows advisers to request reports that can be back-dated as far as May 1, 2012. 

The reports will use the Financial Services Authority and Financial Conduct Authority rules and assumptions in force at the time and the report will be dated accordingly.

The firm said its “extensive library of scheme data” and in house scheme knowledge may be able to fill any information gaps for these reports. 

Firms can take O&M’s FinCalc financial planning software and include the retrospective DB transfer analysis add-on, to provide the user complete control in the production of these reports. 

Gavin Shears, senior consultant at O&M, said: “The number of requests for a retrospective report of this nature has risen over the last couple of years. 

“Having the ability to run cases from the past, regardless of whether the case was originally run by O&M, will provide advisers with an option to produce a report at a retrospective date fully compliant with FCA COBs rules.”

O&M confirmed that it has had numerous requests over the years through its transfer bureau service for a DB transfer analysis for different reasons including past client reviews, compliance purposes and file tidy-ups. 

Since 1992, O&M has been developing solutions to reduce financial advisers' workload.

Initially, it provided bureau services to advisers for charging structure comparisons and transfer analysis. 

However, the firm said after “strong demand”, the knowledge gained was developed into user-friendly software to allow advisers to conduct analysis and comparisons for themselves. 

All of its systems are designed and written in-house which gives the firm the control and flexibility needed.

O&M Pension Solutions was set up as a separate company in 2013 as part of the split of O&M Systems and director Jason Wykes was part of the original team who set up O&M Systems in 1992.

In 2018, O&M Pension Solutions upgraded its transfer value analysis software (TVAS) to include a transfer value comparator (TVC) in light of new FCA requirements at the time.

It switched from TVAS to TVC from October 1, 2018.

At the time, O&M said it would be charging for the service, with pension transfer analysis reports costing advisers around £355 and a rented service where they can produce a report themselves for £95 a month. 

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