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22 April, 2015   |   By Steve Patterson   |   Intelligent Pensions News


Intelligent Pensions Launches ‘Transfer for Drawdown’ Service For Advisers

Intelligent Pensions, a leading specialist in pension drawdown, has today launched a new service for advisers undertaking DB to flexi-access drawdown transfers. 

The new service is an ideal solution for those that don't have the required authorisation from the FCA or simply don’t want the risk of handling these types of transactions, which are set to increase in popularity with the introduction of pension freedoms in April of this year.

Intelligent Pensions has seen a 440% increase in DB transfer enquiries over the past six months and has had discussions with a number of companies looking at potential DB transfer exercises as a means of enhancing the balance sheet.

Steve Patterson, Managing Director, Intelligent Pensions says: “This is a service designed to help advisers and their clients overcome the hurdle of transitioning from a DB scheme to freedom of choice.” 

The company also highlights that for cases where drawdown is a more suitable option than an annuity, the critical yield will be far less severe making transfer more likely, although a key aspect of the advice will be assessing the client’s ‘capacity for loss’ which is a core element of their drawdown advice process already.

Intelligent Pensions charges an initial advice and analysis fee and then a set up charge to carry out the transfer.  Advisers will then have the option to take over the new plan with full ongoing responsibility for the advice thereafter. Alternatively, responsibility for the ongoing advice and management of the drawdown plan can be retained by Intelligent Pensions using its own low cost SIPP but with the introducing firm having the option to act as Investment Agent with ongoing remuneration for processing investment transactions.

Patterson added: “Our transfer for drawdown services, whether using the pass-back or ongoing advice route, enable all advisers to get involved in this growing and important area of financial advice. I have no doubt the demand will come and with the new requirement for specialist advice to be taken prior to transfer, this becomes a huge opportunity for the financial services industry to start rebuilding consumer confidence.”