Defined Benefit Updates

In preparation for the FCAs’ Policy Statement PS20/6, Selectapension will be making the following changes to the Transfer Value Comparator:

  • reducing the TVC product charge from 0.75% to 0.4%
  • changing the mandated TVC wording
  • removing the requirement for a different calculation routine where the client has 12 months or less to retirement
  • including the option to include the TVC where the client can take unreduced benefits prior to scheme NRA (there will be a reporting option to allow for both normal scheme retirement age and a desired retirement age)
  • inclusion of the TVC where the client is past NRA and has an immediate retirement quote

In addition, we are also including the following (new) additions to the Defined Benefit tool:

  • inclusion of a Suitability Report Summary which will allow for a comparison to both a Workplace Pension and any Defined Contribution Scheme
  • ability for users to create their own Workplace Pension Plans
  • option to create an Abridged Advice Report