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First Actuarial wants transfer value rethink

First Actuarial has called for the Government to look again at its draft regulations on the calculation of transfer values from final-salary pension schemes.

The firm says the proposal contained in the consultation to exclude employers from the process of calculating transfer values is inconsistent with the overall policy of getting trustees and employers to work more closely together.

Director Alan Smith says he is disappointed that the draft regulations do not give the employer any say in the minimum level of transfer values.

He says the regulations are completely at odds with the new scheme funding regime, which requires trustees and sponsoring employers to work together.

First Actuarial is also concerned that the draft regulations do not require a consistent approach to be followed between transfers into and out of a scheme.

Smith says that without a consistent approach, there is a risk that members who bring a transfer value into a scheme but want to transfer out later may not get a fair deal. He says: “We support the scheme-specific approach to calculating transfer values but feel it is important to iron out these inconsistencies.

“This could be done quite easily by requiring trustees to consult with the employer before setting the assumptions to be used to calculate minimum transfer values.”

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