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News in Brief: Transfer values / PIMFA / British Friendly

25 July 2019

DB transfer values 

June saw a welcome stabilisation of the pensions transfer values, according to XPS Pensions Group’s monthly Transfer watch data.

Mark Barlow, senior consultant at the  Group, said transfer values remained relatively flat and “activity continues to run at an annual rate just below 1%.

“We also saw the results of the FCA study into DB transfer advice which show there is a risk that members are making decisions that are not in their best interests and we welcome the steps that the FCA is taking to improve the standards of pension transfer advice.

Transfer values fell slightly during June 2019,ending the month at £240,800, from £241,500 at the end of May. The fall was driven by a slight reduction in expectations for future inflation.

XPS reported that the Transfer Activity Index saw a slight decrease in the number of transfers processed during June 2019,with an annual equivalent of 0.87% of eligible members, compared to 0.94% in May, which remains below the average seen over the last 12 months of 1.18%.

Trade association PIMFA has partnered cash savings platform Insignis Cash Solutions to provide a platform enabling PIMFA members to offer a cash savings solution to their clients.

Richard Adler, director of Strategic Partnerships at PIMFA, said: “Our aim is to assist [our members] with products and services that support their business endeavours and we feel that a cash solution like Insignis’ is perfectly placed to assist all our partner members.”

Paul Richards, chairman of Insignis Cash Solutions said the service would allow advisers to enhance their client relationships, whether individuals, corporations or charities, by offering “a solution to what is often overlooked as an asset class”.

British Friendly is working with operations management and analytics company EXL, to provide an end-to-end customer on-boarding, underwriting and policy administration platform.

The digital platform will improve the efficiencies for adviser firms when placing clients on risk and accelerate the ability of British Friendly to respond to changing consumer requirements and bring new products to market.

Lee Schopp, interim CEO at British Friendly, said: “The ease of doing business with British Friendly is one of our guiding principles. In recent years, innovative new products and services have supported significant growth. While our current systems work well, we want to ensure we are ahead of the game when it comes to building next generation technology to support advisers. As we look to the future, we understand the need to leverage advanced information technology and, by partnering with EXL, we can continue to provide the award-winning standard that enabled us to receive the Gold Service Award from Defaqto, which confirms the high regard our service is held by intermediaries.”