Draft Regulations – Tour de Transfers


Like an alpine stage, the road to new law on pension transfers has often seemed like a long climb with no end in sight. But after a two year cycle, the “peloton” is finally freewheeling towards the finish line with the publication of a consultation paper on “Approaches to the Calculation of Pensions Transfer Values” on 6 July 2007. The wheels of change were initially set in motion back in May 2005 when the Actuarial Profession published Exposure Draft 54. As a direct result of that consultation, the Government decided to reconsider the legislative framework for cash equivalent transfer values (CETVs). This was followed by the Government’s initial consultation in June 2006 and the publication of its reponse in January 2007. This latest consultation paper attaches a set of draft Regulations as well as including a detailed analysis of how the new structure derives from the existing actuarial guidance note on transfer values (GN11).

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