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Standard Life offers DB to DC transfers support


Standard Life is launching a suite of materials to offer more support to advisers in the defined benefit (DB) to defined contribution (DC) transfer space.

This is in response to adviser feedback which shows they need help with filtering out clients who should not go through the full advice process, as well as help with setting client expectations and recording outcomes.
Key documents have been developed including a questionnaire for advisers to use with clients to see if they understand the implications of transferring, helping clients articulate why they want to transfer. It can help clients avoid unnecessary costs if they determine they don’t want to transfer.
In addition, a new support guide provides hints and tips to help advisors and their clients with the transfer process, whether through streamlining the process, or reducing costs.
Alastair Black, head of financial planning propositions at Standard Life says: “Pension freedom has resulted in a rapidly changing adviser market and DB to DC transfers are one of the challenges to emerge. As these transfers are becoming increasingly popular, advisers have told us they need help to cope with the change. They say it is complicated for the client and time consuming for their business, especially when so many don’t proceed.
“Pension Freedoms have opened up flexibility for many, and transferring will be the right thing to do for some. The new suite of materials is in no way designed to replace the advice or compliance process – the adviser remains very much in charge. What they wanted from us was help in streamlining their process.”
Mike Angell, managing director at Angell Mallinder Limited, says; “The materials developed by Standard Life make perfect sense and will be really useful. We rarely accept DB transfers due to their complex nature but this will really help when talking to clients about their options.”

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