O&M Pension Solutions has changed its systems ahead of an October deadline to help advisers meet new regulations around transfer value analysis reports.
From 1 October, the FCA’s new rules mean transfer value analysis reports will be replaced by a combination of a “transfer value comparator” and an “appropriate pension transfer analysis”
The transfer value comparator is now offered by O&M.
O&M Pension Solutions director Jason Wykes says the upgrade involved discussions with the FCA about implementing the TVC.
He adds: “The inclusion of the TVC has signalled a major change to the content of pension transfer analysis reports, and it was important to us to ensure that we did not release the new report until we were absolutely satisfied with the result.”
In May, O&M Pension Advice announced it would stop offering its pension transfer advisory service on 1 July.
At that time, O&M committed to continuing to produce transfer value analysis reports for advisers using its transfer bureau service, but said it would not be able to execute any advice.