SimplyBiz announces sixth DB transfer bureau partner

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SimplyBiz Group has appointed Eadon and Co, led by a former Personal Finance Society chief executive, to its defined benefit pension transfer referral panel.

The panel offers a solution to advisers who are either unable to, or choose not to, operate in the DB transfer market, but still want to meet the client needs.

There are now six partners on the DB panel that have their own charging structure.

The other partners are Creative Wealth Management, Onvestor, Pensionhelp, Pension Income Planning and Grove Pension Solutions.

DB transfers begin to edge back up under lockdown

Money Marketing has learned that SimplyBiz no longer has a deal with Selectapension to run pension transfers through.

In 2017, Money Marketing referenced a newsletter from SimplyBiz which said IFAs could receive 40 per cent of a transfer fee if the transfer went ahead via Selectapension.

SimplyBiz says it does not work with Selectapension at the moment and advisers are able to choose the partner they feel best suits their client proposition.

Eadon and Co is led by Tim Eadon, previously the chief executive of the PFS and G60 examiner with the Chartered Insurance Institute.

SimplyBiz Group compliance director Gary Kershaw says: “For a variety of reasons, an increasing number of firms are ceasing to write business in this market, however, the demand for our bureau services has seen a dramatic rise in recent months. We therefore have moved quickly to ensure we had adequate capacity in the bureau to meet the needs of our members and their clients.

“Eadon and Co have passed our extensive due diligence process and I’m delighted to welcome them to the panel.”

Eadon and Co director Tim Eadon adds: “We are very excited about joining the SimplyBiz Group panel. Our proposition is well placed to support their advisers and we are looking forward to establishing some long term relationships.”

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