Having considered the responses to its consultation paper, the Pensions Regulator has today published final guidance to assist trustees in calculating transfer values in defined benefit schemes.
From 1 October 2008, it will be the responsibility of trustees to take the decisions on which the calculation of cash equivalent transfer values (CETV) is based – as set out in government legislation. Previously, the calculation had to be certified by the scheme’s actuary.
While many of the consultation responses have been taken into account for clarity in the final guidance, there are no new principles involved and its primary purpose is to assist trustees with their new responsibilities.
Chris Dobson, Pensions Regulator executive director of strategic development, said: “Trustees will need to produce transfer values appropriate for their scheme. We have produced this guidance to help trustees understand and fulfill their responsibilities, and give our views on good practice.”
To view the full press release visit: http://www.thepensionsregulator.gov.uk/mediaCentre/pressReleases/pn08-21.asp
