Data and ratings provider Defaqto has unveiled a new Pension Switching add-on for its end-to-end Financial Planning tool, Engage Core.

The company says that the feature will allow advisers to provide clients with research-backed intelligence and ensure compliance on pension switching decisions.

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

The tool offers integrated risk profiling and product, fund and platform research functionality, providing insight to advisers and clients.

Advisers will benefit from a unified methodology across their entire advice process, says the company, and save time on re-keying the same information across multiple systems.

Engage Core’s pension switching module is integrated with Defaqto’s risk profiling, product and platform research, fund selection, suitability reporting and ongoing review functionalities.

Advisers can select from 800 Defaqto risk-rated funds and managed portfolio services or choose their own central investment proposition.

Paul Dagley-Morris, chief technology officer at Defaqto, said: “A streamlined process will improve efficiency in DC 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.”