Defaqto adds pension switching to end-to-end financial planning tool

The new functionality is an optional module that allows advisers to compare multiple pension switching scenarios, including partial switches. 

Defaqto said the new addition will help advisers stay compliant around pension switching decisions and that it was designed to bring consistency to advisers and their clients across the pension switching process. 

The pension switching tool offers integrated risk profiling and product, fund and platform research functionality.

Defaqto said by collating the functionality advisers rely on into one solution, advisers benefit from a unified methodology across their entire advice process. The financial information business added advisers will also save time by reducing requirements around re-keying the same information across multiple systems. 

Defaqto chief technology officer Paul Dagley-Morris said: "We're incredibly excited to bring this expanded offering from Engage Core to the market and look forward to working with the advice community to ensure its full benefits are delivered.

"A streamlined process will improve efficiency in defined contribution pension switching, allowing advisers to provide better client outcomes, reducing costs and time spent on the switching process. Our aim is to ensure that advisers have access to the highest level of insight and technological capability required to help clients navigate the pension switching journey successfully."

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