Just Group has launched a “unique” service that makes specialist, regulated, financial advice available to non-pensioner members of any defined benefit scheme that has secured its benefits with Just Group through a buy-out.
This new service will be provided through HUB Pension Consulting, part of Just Group, which provides advice services to defined benefit pension schemes and their members.
Just Group managing director of defined benefits solutions, Pretty Sagoo, said: “We strongly believe that securing benefits with an insurer should not mean sacrificing the level of support available to members.
“We know that some defined benefit members struggle to access specialist, regulated financial advice and after a buy-out many others lose the preferential arrangements already available to them.
“We’ve launched this new service to ensure that trustees who complete a buy-out with Just can be confident members will have access to financial advice on competitive terms.”
Sagoo explained the service helps trustees and employee benefit consultants safeguard the member experience after buy-out.
This, in turn, creates “positive choices” for members and minimises the risks they could otherwise be exposed to, such as unsuitable advice or pension scams.
Explaining the service, Just Group pointed out that many defined benefit pension schemes appoint specialist financial advice firms, such as HUB Pension Consulting, to support scheme members and often offer members preferential terms as part of the service.
However, when a scheme completes a buy-out with an insurer those members generally lose the preferential terms and may struggle even to find a suitable adviser.
This new service will, according to Just Group, ensure deferred members of all schemes that complete a buy-out with Just, will enjoy the option of access to specialist, regulated, financial advice at a competitive rate.
It also enables trustees and scheme managers to be confident that their members will still have access to advice during, and after, a buy-out Just.
tom.dunstan@ft.com
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