APFA calls for pension transfer value 'abolition or radical overhaul'

TVA is wrong approach post-pension freedom

Carmen Reichman
clock • 2 min read

The Association of Professional Financial Advisers (APFA) has called for the abolition of pension transfer value analysis (TVA) as a major determinant of whether a transfer is good for a client.

The organisation said given the new flexibility offered by pension freedom, basing a decision purely on the value of a pension pre- and post-transfer was the wrong approach for many clients. In many instances such an approach was a potential waste of time while adding unnecessary cost for clients, it said. Pension freedom reforms in April last year gave all defined contribution pot holders over the age of 55 free access to their savings, subject to taxation. Major changes to death benefits were also announced as part of the reforms. Pension assets can now be passed on to beneficiar...

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

Join

 

Already a Professional Adviser member?

Login

More on Pensions

State pension age review: Govt launches call for evidence

State pension age review: Govt launches call for evidence

UK faces long-term demographic pressures

Jenna Brown
clock 18 August 2025 • 2 min read
FCA to crack down on life insurers with 'slower' pension transfer service times

FCA to crack down on life insurers with 'slower' pension transfer service times

Regulator warns slow pension transfers risk harming client outcomes

Isabel Baxter
clock 15 August 2025 • 5 min read
Tony Müdd: The QROPS market is dead, isn't it?

Tony Müdd: The QROPS market is dead, isn't it?

'The tax a member pays on their QROPS income hinges on a dizzying array of factors'

Tony Müdd
clock 11 August 2025 • 11 min read