Calculations of pension transfer values for defined benefit schemes should be made simpler and fairer to the transferring employee claims Standard Life.
In its response to the Department for Work and Pensions’ consultation into transfer values, Standard Life picks up on the fact the consultation notes only 8% of transfer valuations actually result in transfers. John Lawson, head of pensions policy at Standard Life, says he would be surprised if the percentage across the whole of the pensions industry would have an average closer to a 5% completion rate. He claims this is because the transfer values are generally poor value for money, with the transfer value not matching the benefits being given up in a final salary pension scheme, becau...
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