The letter from Mr Paul Tyler, regarding pension transfers, suggests a
Surely, as only fully qualified actuaries are able to calculate transfer
values for deferred pension benefits, they must always be right, mustn't
After all, they do represent the cash equivalent of the “deferred
benefits” don't they?
That is probably why the transfer value can always immediately buy an
annuity (deferred or otherwise) on the open marketplace, equivalent to the
benefits transferred, isn't it?
Unfortunately, the cynic can easily say that there would have been a
seriously more limited pension transfer review, had transfer values
appropriately recognised the real value of the deferred benefits of scheme
No one seems to be prepared to pursue this matter and superannuation
providers have chuckled all the way to the bank.
A good question is why are transfer analyses for prospective transfers
required anyway? After all, actuaries do provide the right figures to begin
with, don't they?
Perhaps it is about time that an ex-employee pursued equal pension rights
to continuing employees in the European Court. Why should they have
prejudicial treatment compared with those who continue working when they
enjoy the same employment contract when they are at work?
Philip J Milton & Co,