13 February 2017
Novia Financial has launched a transfer value analysis service to support transfers into its self-invested personal pension (SIPP).
The tool enables investors to compare pension benefits in defined benefit schemes and was launched, said Novia, to help advisers meet regulatory requirements around transfers into private pensions.
The service is free for advisers and can only be used for the Novia SIPP. It was externally reviewed by financial services technology provider Dunstan Thomas. It allows advisers to perform a detailed analysis before recommending a transfer from a defined benefits scheme to a personal pension such as the Novia SIPP.
Novia commercial director Shaun Allwright said initial adviser feedback on the service had been positive, adding: "Take-up of the service to date has been higher than we anticipated and we see this accelerating in future."
He said: "Pensions freedom has highlighted the need for an overhaul of the pensions system and with the flexibility this provides - along with the record low gilt rates - this could increase the level of enquiries advisers receive for pension transfers."
Dunstan Thomas chief executive Chris Read added: "We are all too aware of the need for precision and vigour in the computation and disclosure of pension-related information, so this will be an invaluable reporting tool to help advisers achieve the best outcomes for their clients in retirement."
Click here to request a call back or telephone 02392 822 254