Actuaries lobby Gov't over DB lump sums

Cash commutation in most private sector DB schemes means members have the option to surrender some of their accrued benefits in exchange for a reduced pension and cash sum, in a similar way to the 25% tax free cash available in defined contribution (DC) schemes. The Actuarial Profession says the terms for exchanging some pension benefits for cash are usually determined by the scheme rules, which can vary widely from scheme to scheme. Usually the terms are determined by the trustees or the sponsoring company rather than actuaries, although the Profession admits some schemes do require th...