The move will also allow the pensions specialist to accept introductions from solicitors and accountants and opens up the whole market for open market options for annuity purchases.
MD Pension Solutions launched in September 2009 to offer mortgage brokers the opportunity to earn extra income by identifying clients looking to improve their pension provision.
MD Pension Solutions specialises in personal pension transfers but is also experienced in annuities, SIPPS and regular contribution plans in addition to a raft of other offerings. It will also pay 1.5% of the transfer amount to the broker and 11% of the first year’s contributions on a regular plan.
Mark Clinton, director at MD Pension Solutions, says: “Whilst we have always had an extensive panel it has been our strategy from the outset to become a fully fledged IFA firm. The importance of this became even more evident from feedback gathered by our newly mobile BDM team who have highlighted choice as being one of the fundamentals required in a broker referral offering.
“This change in status marks the next step in our development plans and will allow our BDM team to be even more proactive in ensuring that the need for diversification is being embraced by brokers who may still not be fully maximising the available referral opportunities.”