UK - An electronic transfer analysis system that aids the movement of member funds from final salary schemes has been developed by Legal & General.
The system enables IFAs to calculate whether pension holders should leave their money where it is or move it into one of L&G’s product offerings.
L&G director of pensions marketing Andy Agar said the product would help in an environment where many defined benefit scheme members were looking to move their assets out of an underperforming closed scheme.
He said: “The service continues to be the only free online service in the market that provides immediate pension transfer calculations for both money purchase and final salary schemes.”
Advisers can now complete both an initial pension transfer assessment and, if required, a full and complete analysis of their client’s pension transfer, online.
The product can also be used to provide comparisons between defined benefit, defined contribution or individual accrued pensions.
The service is available through www.legalandgeneral.com/ifacentre – L&G’s dedicated IFA extranet portal.
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