DWP may simplify GAR valuations for £30k advice threshold

In a public consultation, it said providers and consumers are struggling to determine when the £30k threshold is breached because of the "considerable variety" of ‘safeguarded' pensions and the challenges presented by the potential value of a GAR when the ‘promise' element is taken into account. The retirement reforms introduced in April, which permitted defined contribution (DC) pension savers aged 55 or over unprecedented access to their pots, have increased incidences of transfer requests from ‘safeguarded' schemes, such as final salary pensions and other arrangements with an income g...