DB transfer value regs delayed until 2008

In its response to the consultation on pension transfer values, which closed on 11 August 2006, the government has decided transfer values should be calculated on a scheme specific, or “cost to the scheme” basis, which could cost DB schemes around £8m. The consultation, issued by the Department for Work and Pensions (DWP) on 27 June 2006, outlined three possible methods for calculating DB transfer values after the Actuarial Profession asked the government to step in when its consultation on proposals to replace Guidance Note 11 (GN11) with Exposure Draft 54 (EXD54) met with differing view...