ACA ignores EXD54 in transfer value debate

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...