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ARTICLE · 12 MARCH 2012

Weekly Financial Services Regulatory Update - 02.03.12

Clyde & Co
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This consultation paper has been drafted to incorporate changes into the calculation of pension transfer values in order to clarify and update the current standards and ensure that, when considering a transfer, members are given a fair assessment of what they will receive in retirement.

United KingdomFinance and Banking
James Cooper
James Cooper
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Consultation papers:

28 February: Pension Transfer Value Analysis Assumptions, CP12/4. This consultation paper has been drafted to incorporate changes into the calculation of pension transfer values in order to clarify and update the current standards and ensure that, when considering a transfer, members are given a fair assessment of what they will receive in retirement. It is proposed that:

  • The mortality basis be updated to be consistent with the Board for Actuarial Standards' Statutory Money Purchase Illustration mortality basis
  • An explicit Consumer Prices Index ('CPI') assumption be introduced for revaluation of pensions in deferment (at a rate yet to be determined)
  • There be a requirement that CPI-linked benefits be valued using the same interest rate assumption as is used for the Retail Price Index (RPI)- linked annuities

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