Scottish Widows has launched a self-serve pension transfer facility for advisers who either do not currently offer pension transfer advice to corporate pension clients or where the cost of advice would be prohibitive for people with small pots.
The new service, which forms part of Widows’ digital transformation programme, allows advisers to direct a segment of their client database to this self-serve option where appropriate.
The service will allow corporate pension customers who want to transfer their pension pots to do so on a secure website in three steps – identify whether a transfer is the right choice; ensure all relevant information is obtained at the outset; and make the transfer through a secure online form.
Widows is also working towards enabling individual customers to access the service.
Scottish Widows corporate propositions director David Holton says: “We have worked closely with advisers to develop this new online transfer service which aims to fulfil an unmet customer need to be able to consolidate pension assets simply. The new service enables advisers to focus on more complicated retirement planning requirements and on those clients with more substantial assets.
”It particularly help support advisers when they are working on pension transfers across an entire scheme. In this instance, the adviser can concentrate on more complex customer needs on an advised basis, with more straightforward cases being transferred to the self-service section on the website.”