JLT Wealth Management has written to Axa employees asking if they want to restart the advice process for Axa’s enhanced transfer value offer, after JLT temporarily suspended defined-benefit pension transfer exercises last month.
In April, JLT suspended the exercises after the FSA confirmed changes to the way in which transfers are calculated.
A letter sent to 10,000 Axa employees in the company’s DB scheme, sent on May 23 and seen by Money Marketing, says clients have until June 8 to decide if they want to take up advice again.
The letter says: “There is still uncertainty regarding the appropriate assumptions to use. Until this is resolved it is likely that, for the vast majority of cases, we would recommend you do not transfer your pension based on the new assumptions.
“We appreciate there may be specific reasons why you may still wish to consider the offer. If you decide to proceed with the advice process, a new deadline will be notified to you in due course.”
An Axa spokeswoman says: “This offer is entirely optional, and designed to provide members with more choice over how they manage retirement income.”
JLT, which also advises on the Phoenix Group employee scheme, declined to comment.
Phoenix Group also declined to comment.
AWD head of communications Patrick Connolly says: “In the majority of cases, people should not be transferring out of DB schemes.”