Just Group has launched a regulated financial advice service for its deferred bulk annuity buyout members to ensure they have access to financial advice at all stages of buyout.

The service will be provided through Hub Pension Consulting, part of Just Group, and will be available to non-pensioner members of any defined benefit (DB) scheme that has secured its benefits with Just Group through a buyout.

Announcing the new service, Just Group noted that while many DB pension schemes appoint specialist advice firms to support members, those members generally lose the preferential terms when a scheme has completed a buyout and may struggle to find a suitable adviser.

Given this, the service aims to ensure that deferred members of all schemes that completed a buyout with Just Group have access to regulated, financial advice at a competitive rate.

In addition to this, it was designed to reassure trustees and scheme managers that their members will still have access to advice during, and after, a buyout with the company.

Just Group managing director DB solutions, Pretty Sagoo, said that Just Group “strongly” believes that securing benefits with an insurer should not mean “sacrificing” the level of support available to members.

“We’ve launched this new service to ensure that trustees who complete a buyout with Just Group can be confident members will have access to financial advice on competitive terms,” she explained.

“It helps trustees and employee benefit consultants safeguard the member experience after buyout, creating positive choices for members and minimise the risks they could otherwise be exposed to, such as unsuitable advice or pension scams.

“It brings to life our purpose to help people achieve a better later life.”

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