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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


they?


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


members.


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,


Barnstaple,


North Devon

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