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Amendments to Transfer Value Regs Laid
by Ian Neale 14/07/2003 Printer-friendly version of this page
The Occupational Pension Schemes (Transfer Values and Miscellaneous Amendments) Regulations 2003 were laid before Parliament today and come into force on 4 August 2003.
The final Regs differ little in substance from draft on which the DWP consulted last February. They amend the Occupational Pension Schemes (Transfer Values) Regulations (SI 1996/1847), enabling actuaries to take into account not only the MFR funding position of the scheme but also the ability of the scheme to pay in full CETVs for all members. The DWP's intention is that transfer values should be calculated on a basis which is fair to members who choose to transfer out of the scheme and to those who remain.
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Postscript 17 July 2003
Meanwhile, the temporary relaxation of policy announced by Opra on 14 February, allowing trustees to delay issuing 'statements of entitlement' (ie transfer value quotations) in certain conditions pending the laying of these new Regs, remains in force. Although logically this should be rescinded from 4 August, if not earlier, Opra says it has 'no plans' to issue any statement at the moment.
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