SimplyBiz Group has appointed Aviva Financial Advice to its defined benefit (DB) pension transfer referral bureau panel.
The bureau offers an outsourcing solution to advisers who are either unable to, or choose not to, operate in the DB transfer market, but still want to meet the needs of their clients in this area.
Aviva Financial Advice launched an abridged DB advice service in November 2020, and SimplyBiz member firms will be able to access both this and the full advice proposition through the bureau.
Simply Biz believes that “demand for support around the DB advice process to rise further throughout 2021 as a firms who don’t specialise in this market start to exit it altogether”.
Demand for DB advice
Gary Kershaw, compliance director of The SimplyBiz Group, said: “Policy change and growing consumer interest in pension transfers during 2020 meant that we needed to increase the amount of regulatory support we were providing to our member firms in this key area.
“Expanding and strengthening the bureau panel is another layer of support, ensuring that we are helping firms who are unable to, or have chosen not to, provide advice on pension transfers themselves still deliver good outcomes to their clients.
“I’m delighted to begin 2021 by welcoming Aviva to the pension transfer bureau, and am confident that members will find them a valuable new addition to an already strong panel.”
Mary Harper, managing director of Aviva Financial Advice, added: “There are many reasons why some firms are no longer willing to offer advice on DB transfers, but, if a customer wishes to review the whole of their wealth and retirement strategy, it is an incomplete picture without considering what is the best choice for them if they have a DB pension as part of their retirement savings.
“We are delighted to be able to offer a DB advice service if customer and adviser find themselves in that position.
“We have recently launched our abridged advice service for DB as part of a growing suite of options to help bring appropriate advice solutions to people who might otherwise miss out.
“We are all agreed on the need for our industry to work towards closing the advice gap, to ensure best possible outcomes for customers. We hope that making more advice more widely available will be a part of that.”
