Former pensions minister Ros Altmann calls for six-month pause on pension transfers

Market volatility means inaccurate CETVs

Hannah Godfrey
clock • 2 min read

Former pensions minister Ros Altmann has called for pension transfers to be suspended for six months in wake of market turmoil caused by the coronavirus.

Altmann said it was "impossible" for pension scheme trustees to be sure of the underlying value of the pension fund, or each individual's share of it and that recently calculated cash equivalent transfer values or fund valuations could be "significantly inaccurate" due to "wild market movements" during the coronavirus panic.  "It is not clear where markets may settle, or what long-term interest rates will be in coming weeks or months," Altmann said. "Pension scheme trustees and independent governance committees will be struggling to understand what the underlying investments are worth, a...

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