The problem with life offices' TVAS reports is not the TVA systems that the life offices use but the data that they put into them. It is a case of rubbish in, rubbish out,I'm afraid.
Those responsible for the data, or at least checking it's within the bounds of common sense – which means not only the IFA but also the people at the life office they rely on to input the data and understand the TVAS information requirements – too often fall short.
Life offices rarely question the information they're given and do not seem to know what additional questions they should be asking to make the TVA is right, in my experience.
The result is a serious risk of misfounded pension transfer advice. That's the benefit if using a specialist TVA provider. But, G60 or not, if people do not realise that the right questions haven't been asked, they probably don't realise that they shouldn't be advising on pension transfers anyway.
Consulting actuary, Surrey