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I just can&#39t figure out actuaries

The letter from Mr Paul Tyler, regarding pension transfers, suggests a

little naivete.

Surely, as only fully qualified actuaries are able to calculate transfer

values for deferred pension benefits, they must always be right, mustn&#39t


After all, they do represent the cash equivalent of the “deferred

benefits” don&#39t 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&#39t 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&#39t 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 Milton

Philip J Milton & Co,


North Devon


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