LATER LIFE PLANNING
The DB pension transfer market is no stranger to controversy . Since the pension freedom reforms in 2015 , it has faced intense scrutiny from the public , government and regulators alike . This , together with last year ’ s ban on contingent charging and the tightening of the PI Insurance market , has led to huge numbers of firms taking the decision to remove their DB permissions . With DB scheme members continuing to seek high-quality advice , the outsourcing of such advice to specialist firms has increasingly become the norm . To support our Members and Clients in this highly scrutinised area , we ’ ve continued to bolster our pension transfers , including creating the all-new Pension Transfer Hub , providing new pension guides on non-contingent charging and delivering new specialised pension-focussed events . Plus , we continue to expand our dedicated DB Pension Transfer Bureau to assist those who wish to provide a holistic service to their clients while reducing the risk to their firm . Earlier this year , we were delighted to welcome Pension Works as another partner to our trusted panel and are shining a light on the great work they do here , to give you an insight into how they approach and excel in this complex area , providing a trusted service for advisers and their valued clients .
Introducing Pension Works As one of the UK ’ s leading DB advice bureaus , Pension Works ’ continued growth has allowed them to stay ahead of this everincreasing demand . This year alone , they have recruited nine new Pension Transfer Specialists , seen significant growth across all support teams and carried out major developments to their proprietary software , all of which have enabled them to not only maintain , but improve service levels and avoid capacity issues .
Low-risk approach Pension Works ’ model is specifically designed to protect introducing firms by minimising any involvement in our process . Fact finds are carried out by their Pension Transfer Specialists and they deal directly with all clients throughout the process . Their internal compliance procedures are extremely robust , which has enabled them to not only survive , but thrive in this highly scrutinised market . Did you know , 100 % of their cases are compliance checked multiple times to ensure they only ever provide advice that is in the client ’ s best interest .
Honest , affordable advice At Pension Works , they believe that DB advice should be as accessible as possible , which is why they advise cases from £ 30,000 , and why the initial advice report is provided free of charge . Each initial report is accompanied by a telephone meeting with a qualified adviser to explain the advice in detail , all at zero cost to the client . Those who may stand to benefit from a DB transfer are then offered the full advice service , which includes a comprehensive suitability report , again , accompanied by a telephone meeting with their adviser . The charging structure is extremely competitive and introducing advisers have the option of declining their introducer fee to the benefit of the client . Pension Works are proud that their customer service levels have seen them receive a 5 * Trustpilot rating .
Working with Pension Works Cases are submitted via their secure online portal , with Pension Works taking full liability for the advice provided , and once a transfer is complete , the client is returned to the introducing adviser for ongoing management .
By working with Pension Works you can expect :
• competitive introducer fees – up to 30 % for every completed case
• live online case tracking – along with weekly emailed reports to keep you fully informed throughout the process
• an allocated account manager – a single point of contact for all advisers and team members in your firm
• 100 % independence – they work with a huge variety of pension providers and have access to hundreds of products
• no cross sell – Pension Works respect the relationship you have with your clients
• gold-standard advice for clients – from a pension expert who is directly employed , fully authorised and regulated by the Financial Conduct Authority .
WHAT OUR MEMBERS HAVE TO SAY :
“ We have had a relationship with Pension Works since the beginning of the year . We started using them after experiencing other third-party defined benefit advisory firms who we felt could not provide us with the levels of service our clients required .
“ Since we set up the relationship with Pension Works , I have found them easy to deal with , easy to submit cases through , and I have felt confident with them liaising with my clients whilst keeping me updated on a regular , weekly basis .
“ Cases were updated through their live reporting system and through my Account Manager for any additional queries or updates .
“ We have had several cases that have been successfully transferred , and my clients have been delighted with the experience . The advice process itself is efficient , compliant and professional .
“ Our clients have been happy in how advice itself was presented , with their CETV deadlines being met and have been very happy with the overall service they received .
“ I look forward to working with them in the future .” – Charlotte Tupper , Castlegate Investments
You can find out more information about the DB Pension Transfer Bureau in the SimplyRefer section of the Member and Client website , which you can find under ‘ Your Proposition ’.
If you ’ d like to register with Pension Works , simply visit www . pensionworks . co . uk / simply-biz / and complete the online form .
The process takes no more than a few minutes and , once approved , you will be provided with access to our introducer portal and details of your allocated Account Manager .
For more information on our service , please call the dedicated number for SimplyBiz members – 0800 014 8444 – and the Business Development team will be happy to answer any questions .
# 03 | AUTUMN 2021 | 31