Novia Financial launches DB pension transfer service

Added 10th February 2017

Novia Financial has launched a transfer value analysis system (TVAS) service to help advisers compare the pension benefits under defined benefits (DB) schemes with the Novia self-invested personal pension (Sipp).

Novia Financial launches DB pension transfer service

Pension transfer specialists are required, by the regulator, to perform detailed analysis before recommending a transfer from a DB scheme to a personal pension.

The Novia TVAS service enables advisers to meet this regulatory requirement, as well as providing a useful reporting tool to help support their pension analysis, the firm said.

The TVAS was built by the in-house Novia team and has been externally reviewed and validated by financial services technology firm Dunstan Thomas. 

The TVAS service is free for IFAs to use for transfers to the Novia Sipp

Initial feedback from advisers has been “extremely positive”, Novia Financial said.  

Pension transfers on the rise

Shaun Allwright, commercial director at Novia, 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, could increase the level of enquiries advisers receive for pension transfers.”

 

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About Author

Kirsten Hastings

Senior Reporter

Kirsten is a senior reporter for International Adviser, covering global news stories about the financial services industry. She joined Last Word Media in October 2015 after two years working as a reporter covering the staffing and recruitment industry. Kirsten has a Masters in Financial Journalism from the University of Stirling. 

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