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Midwinter launches new pension switching strategy

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Midwinter Financial Services has launched a new pension to super and pension to pension switching and strategy advice module that helps financial advisers produce product replacement advice that is product specific and compliant.

The module will provide a more accurate picture of a client’s existing and alternative account-based pension positions when switching between existing and alternative account-based pensions.

The new system will also allow them to model the new dual pension strategy to maximise tax-free estate planning benefits. It will enable planners to separate the taxed and untaxed pension elements into separate pensions to avoid the tax impact of proportional drawdown rules.

Midwinter has also instituted a database, PensionBase, containing the fees and information of more than 150 pension funds, to support the new pension switching advice module. The system will sit alongside Midwinter’s superannuation database.

Midwinter director and general manager of research and compliance James Murphy said the new system would provide a justification to financial advisers for product replacement advice, and the introduction of the new pension database would dramatically reduce the time needed to produce pension advice.




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