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DWP publishes regulations on calculation of CETVs - UPDATE 2
THE department for work and pensions has published new regulations on the calculation of cash equivalent transfer values.
A government spokesman said: "When the government originally consulted on various approaches to the calculation of pensions transfer values, the great majority of respondents favoured a scheme specific approach. That is what these regulations deliver.
"We are grateful to everyone who responded to the consultation, particularly for the many detailed and helpful comments that were provided."
The governments response to its consultation on The Occupational Pension Schemes (Transfer Values) (Amendment) Regulations can be found on the DWP website.
The Pensions Regulator welcomed the new regulations and said it would be publishing practical guidance before the new regulations come into force in October in a bid to help trustees understand the different considerations and new requirements in relation to transfers.
The regulator said it also planned to publish guidance for scheme members to help them compare the key risks with any potential advantages associated with taking a transfer to another pension vehicle.
More soon...
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