UK - The Department for Work and Pensions (DWP) will now consult on the way pension transfer values are calculated for defined benefit occupational schemes.
The government had previously delegated the responsibiliy to the Actuarial Profession for specifying the framework within which actuaries must work when advising trustees on the calculation of tranfer values.
Recently the Actuarial Profession consulted on changes to their guidance on the calculation of transfers values - the cash value on pension rights that are exchanged from scheme to scheme when a member changes pension - which according to Stephen Timms, minister for pension reform, gave rise to a “significant” differences of views on the way forward.
He said: “The government has been in discussion with the profession about the results of the consultation. We have now agreed with them that the time is right for the government to set out the principles in legislation that should underpin the calculation of transfer values.”
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