We are therefore delighted to announce the following updates to our tools, which come into effect from Monday 11th September 2017:

Defined Benefit TVAS

  • Pension Protection Fund (PPF) early retirement results are now available.
  • Pension Protection Fund (PPF) Long Service Cap is now applied where applicable. The Long Service Cap effects members who have 21 or more years’ service in their scheme. For these members, the cap is increased by three per cent for each full year of pensionable service above 20 years, up to a maximum of double the standard cap.
  • New Fields:
  • Date of joining scheme
  • Funding Status – Wind up position
  • Notes – A free text field to allow user to enter details of the scheme’s funding status.

 

Flexible Retirement Optimiser

  • Income withdrawals can now be taken in ‘Advance’ or ‘Arrears’.