The new tool is called APTA with TVC and it will replace the existing Defined Benefit TVAS tool.

Transfer Value Comparator

APTA with TVC comprises the existing Defined Benefit TVAS tool, a new Transfer Value Comparator (TVC) and a new Lifetime Allowance calculator (LTA).

The TVC enables users to calculate the cost of buying the equivalent scheme benefits in today’s money, and, from October 2018, becomes a mandatory part of an analysis report for those advising on occupational pension transfers.

APTA with TVC reports will comply fully with the FCA Policy Statement, PS18/6 – Advising on Pension Transfers, which mandates the format and wording for Transfer Value Comparators.

Lifetime Allowance Calculator

Additionally, we are launching a new Lifetime Allowance calculator. The key benefits are that users are able to model scheme comparisons, critical yields and TVC taking into account LTA, and demonstrate the impact of LTA in their income modelling analysis. A client report will always have LTA information regardless of whether there is a breach or not.

Automatic Upgrade for Existing Subscribers

All existing Defined Benefit TVAS subscriptions will be automatically upgraded to APTA with TVC at no additional cost.  New user notes will be provided and subscribers will be able to book onto one of our weekly training sessions if required.

Jo Taylor-Medhurst, Technical Manager said “Our APTA with TVC tool offers advisers a comprehensive and fully compliant analysis report on which to base their Appropriate Pension Transfer Advice recommendations.”

Andy McCabe, Managing Director said “We are first to market with our Transfer Value Comparator and Lifetime Allowance calculator. I know our customers will value the new tool and am delighted that we are able to offer the new features at no additional charge and well ahead of the FCA deadline.”