New pension transfer analysis still has ‘weaknesses’
Financial planning firm director queries why annuities are still used as a comparator
Financial planning firm director queries why annuities are still used as a comparator
Old Mutual Wealth (OMW) is relaunching it transfer value analysis service (Tvas), a month after it was suspended following changes to the UK regulator’s rules concerning pension transfers.
Prudential, Scottish Widows and LV are the latest providers to stop their free pension transfer value analysis services (Tvas) for advisers, as they respond to regulator concerns that such tools could act as an inducement.
Old Mutual Wealth is the second provider in a 24 hour period to suspend its transfer value analysis service (Tvas), following the Financial Conduct Authorities (FCA) new rules on pension transfers.
Transfers to overseas pensions are likely to become even more complicated following proposals from the Financial Conduct Authority to overhaul pension transfer advice in the UK.
Advice on pension transfers is to be provided as a personal recommendation and transfer value analysis replaced with a comparison to show the value of the benefits being given up under plans announced by the UK regulator on Wednesday.
Novia Financial has launched a transfer value analysis system (TVAS) service to help advisers compare the pension benefits under defined benefits (DB) schemes with the Novia self-invested personal pension (Sipp).