Just Group has recently launched a regulated financial advisory service with the aim of providing support to its deferred bulk annuity buyout members. This initiative underscores the company’s commitment to ensuring that members have access to financial advice throughout the entire buyout process.
Operated by Hub Pension Consulting, a division of Just Group, this new service will be available to non-pensioner members of any defined benefit (DB) scheme that has secured its benefits with Just Group through a buyout.
In a statement announcing the launch of the service, Just Group addressed the common issue faced by members of DB pension schemes post-buyout, emphasizing the loss of access to preferential terms and difficulty in securing suitable financial advice. The new service aims to bridge this gap by ensuring that deferred members of all schemes that completed a buyout with Just Group have access to regulated, financial advice at a competitive rate.
Additionally, the service was created to provide reassurance to trustees and scheme managers that their members will continue to have access to advice during and after a buyout with the company.
Pretty Sagoo, the Managing Director of DB Solutions at Just Group, expressed the company’s strong belief that securing benefits with an insurer should not mean a sacrifice in the level of support available to members. She emphasized that the new service is intended to ensure that trustees who complete a buyout with Just Group can have confidence in the fact that members will have access to financial advice on competitive terms.
Sagoo also highlighted the broader benefits of the service, stating that it will help trustees and employee benefit consultants in safeguarding the member experience after a buyout. By creating positive choices for members and minimizing the risks that they could otherwise be exposed to, such as unsuitable advice or pension scams, the service is aligned with the company’s overarching purpose of helping people achieve a better later life.
The launch of this financial advisory service is a significant step towards improving the support available to deferred buyout members of pension schemes. It represents Just Group’s ongoing commitment to ensuring that members have access to essential financial advice throughout the entirety of their buyout journey. With this initiative, the company is not only addressing a critical need within the pension industry but also reinforcing its dedication to facilitating a secure and well-supported retirement for scheme members.