A new Pension term Assurance (PTA) service has been launched by The Exchange as part of its Exweb portal.
The Exchange, part of Vertex Financial Servces, says the new service aims to build on the existing quotation and e-business services already offered, with Exweb users able to review clients’ protection needs by showing a like for like comparison of the new style PTA products against traditional term quotations.
From today Liverpool Victoria, Scottish Equitable, Legal & General and Friends Provident will have PTA products live on the service, with a further six providers scheduled to join the platform within the next couple of months.
According to The Exchange, the Exweb PTA service will only require basic client information to be entered once for any particular quote, keeping administration and errors to a minimum.
David Child, managing director of The Exchange, says with A-Day now upon us it is essential we play a key role in helping advisers maximise the opportunities of the new era.
He adds: “As well as a whole host of pension-specific changes, the new legislation has created a real opportunity for advisers to provide their clients with an alternative, more tax efficient, method of protection.”
Child points out PTA will be an important product in many client’s portfolios and the new service will provide an extremely useful mechanism for advisers to help clients select the best PTA products in the market.
Meanwhile, Mike Newton, chief executive officer of Liverpool Victoria, says the launch of a revised life assurance product with tax relief represents a tremendous opportunity for both advisers and consumers.
He adds; “Liverpool Victoria is committed to being a leading provider of tax efficient life assurance and we look forward to working closely with The Exchange to develop this market now, and in the future.”
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