So how does Guiide DB help?
Put simply, rather than signposting DB members who have requested a transfer value to find their own advice via unbiased, signposting instead to Guiide DB provides members with an education journey on the advice process.
It clearly sets out the advice process, risks involved and the FCA's views on who a transfer is highly unlikely to be suitable for.
After considering these views against their own circumstances, members can decide to continue with transfer advice, or simply seek general retirement advice using their existing benefits.
A safe harbour to either advice route is then provided with a panel of transfer specialists and general retirement advisers. These advisers are vetted and monitored by our specialist oversight consultants reporting to our Governance Committee.
You can visit our test site for much more detail and see a test journey for yourself.
How can your DB members benefit?
Our free to use journey can be signposted by any size scheme, alongside or by replacing, signposting to unbiased on member's transfer value communications.
Members are provided with a unique login code. If advice is taken from an adviser on our panel, a consistent referral fee is paid by the adviser to us, regardless of the outcome of the advice.
Members are never charged more by an adviser than if they found them directly and advice can be found all the way down to a £30K transfer value.
Alternatively, for schemes who wish to contribute towards the cost, a paid version is also available, charged at £250 per login code used.
This paid model has the additional benefit of reduced advice fees for the member, as any referral fee payable to us is removed from the member's charge by the adviser.
Safe harbour and scams
We believe this education and guidance journey provides a safe harbour to high quality advice and removes the ever rising potential for scams at a time which is potentially when members are most vulnerable.