The transfer module of our Me2 platform allows members to explore the finer details of their scheme benefits, discover the full range of options available to them and to model the impact of transferring from the scheme. It was built to deliver engagement, which not only focuses on better member outcomes but also meets trustee and corporate objectives in controlling risk and meeting governance requirements.
When we built our Me2 transfer platform we wanted to continue our member centric approach and focus on:
We take members through their transfer options and the main areas they need to consider before making any decision.
Using ‘nudges’, videos, and interactive tools, we empower members to make comparisons with their valuable defined benefit pension, giving members a fair and unbiased comparison of their benefits if they remained in the scheme and if they transferred including early/late retirement, cash commutation as well as full freedom and flexibility cashflow modelling across multiple retirement ages.
We know that the impact of making the wrong decision on a transfer could severely affect a member’s retirement outcome. Through clear communication and impartial guidance, we help members consider whether a transfer could be right for them and their own circumstances.
We provide clear guidance on the next steps, including where advice is needed and how a member can find an IFA or get in touch with any IFA they choose to partner with.
Me2 acts as a triage tool to ensure members answer their own key questions first, with IFAs focusing on giving further advice only for those members who need it most.
A transfer is a big decision for a member, so clear, impartial and interactive guidance is key to making sure that your members understand their options and what they’ll be giving up if they transfer. FCA regulation and TPR guidance champions this, focusing on giving your members a fair and unbiased comparison.
The Me2 transfer platform is built within our larger holistic Me2 retirement planning suite, where we encourage your members to take a holistic view to retirement across any current and legacy defined benefit and defined contribution entitlements, taking into account future contributions as well as scheme specific factors as members model how much to pay in and when to retire. Find out more about what else Me2 can do here.
For those interested in transferring, regulation requires most members seek independent financial advice.
Finding and partnering directly with a trusted IFA can remove a large barrier for your members, greatly improving their experience and retaining their engagement with the process. When choosing the right IFA for your members, IFA market experience and due diligence is vital to ensure members get good quality advice, at the right price, that fits in with your process.
We have strong relationships with all major IFAs. Working within the member advice market, wecan support you with IFA due-diligence and selection, as well as working directly with the IFAs themselves to provide APTA calculations as part of their transfer advice process.
IFAs must carry out an Appropriate Pension Transfer Analysis (APTA) for every member they advise, but preparing an APTA can be time-consuming and complicated. It is crucial that where IFAs outsource some analysis for their APTA to companies such as Barnett Waddingham, the process remains robust, seamless and avoids delays. Barnett Waddingham gives IFAs access to online platforms which seamlessly provide APTA calculations as part of their transfer advice process.
Transferring from a DB scheme is a major decision for members and there are many factors that should be taken into account. Simon Taylor offers advice to these members to understand their transfer options.
Trustees of defined benefit (DB) pension schemes face a quandary. How can they best help members make good decisions when it comes to accessing their pension benefits, ask Barnett Waddingham’s Jane Ralph and Liam Mayne?