Called HUB Pension Solutions, the new business delivers offers a digital platform that enables financial advisers providing advice to support scheme transfer exercises to generate transfer value analysis for individual scheme members in real time at the click of a button. The service is designed to speed up and improve the process and reduce advice costs, by removing the need to source new transfer value data requests each time the client asks for data for different scenarios.
The service also provides trustees and scheme sponsors with support for their individual pension scheme members by helping members understand the valuable benefits provided by their pension scheme, delivering real-time access to their up-to-date individual scheme benefits and helping them to compare these to other options available.
The solutions is designed to help employee benefit consultants, financial advisers, pension schemes and trustees meet their obligations to assist scheme members looking to transfer out or understand their retirement options.
The service has been developed in conjunction with Spence & Partners, the privately owned UK firm of pension consultants, actuaries, IT specialists and administrators.
HUB companies chief executive David Coopersays: “We’ve transformed the way scheme exercises can now be undertaken. HUB Pension Solutions uses digital technology to radically disrupt the way scheme specific information can be interrogated and delivered to pension scheme members and financial advisers in real time at the click of a button.
“The FCA want to ensure this market is safer for consumers. Our new service delivers help direct to members before advice is even considered. Only those people who have concluded they have a solid reason for considering alternatives to receiving scheme benefits will be connected with the scheme’s appointed regulated financial advisers.”
Spence & Partnersdirector David Davisonsays: “Currently generating transfer value analysis for a large scheme can take months, it’s done in an archaic way and costs too much. HUB Pension Solutions is a game changer. The service integrates with Spence’s award winning administration platform allowing accurate, up-to-date member data to be interrogated in real time. This will radically speed up delivery times and reduce cost.”
Corinthian Pension Consulting managing directorRobert MacGregor, whose firm provides regulated financial advice for bulk scheme exercises, says: “Member help and education is a hot topic on regulators’ agendas. HUB Pension Solutions has developed an engaging solution to help members understand their valuable scheme benefits and how to compare them to other options available.”