The Association of Consulting Actuaries says its members favour a scheme-specific method of calculating pension transfer values, ignoring the option developed by the Actuarial Profession.
In its response to the Department for Work and Pensions’ consultation on transfer values, the ACA also says it is pleased the government has recognised what transfer values are supposed to represent is a matter for public policy. The consultation, which ended on 11 August, followed the failure of the Actuarial Profession to decide on the best way forward in calculating transfer values after the DWP's plan to replace Guidance Note 11 (GN11) with Exposure Draft 54 (EXD54) met with concern among the industry. Its plans to use a discount value at the lower bond yield rate would mean transfe...
To continue reading this article...
Join Professional Adviser for free
- Unlimited access to real-time news, industry insights and market intelligence
- Stay ahead of the curve with spotlights on emerging trends and technologies
- Receive breaking news stories straight to your inbox in the daily newsletters
- Make smart business decisions with the latest developments in regulation, investing retirement and protection
- Members-only access to the editor’s weekly Friday commentary
- Be the first to hear about our events and awards programmes