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.”