25 October 2007 – Calculation of pensions transfer values
Minister for Pensions Reform Mike O’Brien today announced that new regulations on the calculation of pensions transfer values will come into effect on 1 October 2008.
This is in response to requests for more time to prepare for the changes from some of the major organisations who responded to the consultation on the draft regulations.
The previously announced introduction date had been April 2008.
Mr O’Brien said:
“In the consultation on the calculation of pensions transfer values, a number of respondents asked for more time to get ready before the new regulations take effect. The Government has considered the arguments carefully and has decided to delay bringing the new regulations into force until 1 October 2008.
“The existing arrangements for the calculation of pensions transfer values will therefore remain in force until that time.”
Notes to editors
- Under the existing arrangements, responsibility for the calculation of pensions transfer values is delegated to actuaries. Guidance for actuaries on the calculation of individual transfer values is contained in the guidance note GN11.
- The Board for Actuarial Standards has confirmed that GN11 will continue to apply until the new regulations come into effect in October 2008.
- From October 2008, responsibility for the calculation of pensions transfer values will pass to the trustees of pension schemes.
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