Pension transfer redress services

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What makes calculating pension transfer redress so complicated?

Working out the redress associated with Defined Benefit transfer advice requires detailed calculations based on multiple assumptions.

It combines the complexities of Defined Benefit pensions with layers of regulation, including the Financial Conduct Authority’s (FCA) challenging policy statement PS22/13 and the older FG17/9 guidance.

Calculating redress in relation to Defined Contribution transfers may also be complicated, particularly where multiple transactions or funds are involved.

As if that wasn’t enough, a redress case can arise years after the original pension transfer advice was given.

You may have been directed by the Financial Ombudsman Service (FOS) to perform a redress calculation. Or you may be carrying out a past business review in which you’re considering redress for a number of cases.

If so, our Defined Benefit redress calculation service is designed to help you.

How can First Actuarial help?

If you’re an IFA, a wealth manager or a compliance consultant, First Actuarial can lift the uncertainties and complex actuarial calculations away from you.

Our Defined Benefit redress experts can draw on specialist knowledge and experience to:

  • Help you understand the complex requirements of the FCA’s redress guidance
  • Calculate redress, applying the requirements of either FG17/9 or PS22/13
  • Quantify the potential redress associated with a book of Defined Benefit transfer advice. You may need this in the run-up to a business sale, for example, or to establish reserves ahead of a past business review
  • Support strategic decision-making and risk assessment in relation to pension transfer advice.

We can carry out redress calculations for individual cases, following a ruling from the Financial Ombudsman Service (FOS). We can also assist with the redress aspects of past business reviews, including s166 skilled person reviews.

We prepare our calculations using models that comply with the relevant actuarial standards. Those calculations are signed off by a qualified actuary.

Our reporting format includes a calculation summary, which can be shared with complainants.

For larger projects, we can work with you to develop bespoke calculation output.

Why choose First Actuarial?

We offer end-to-end knowledge and experience of the redress process. Our redress consultants have helped clients deal with all aspects of redress. We can anticipate obstacles and regulators’ expectations at every stage.

Importantly, we’re mindful of the interests of the complainant. We have the skills needed to manage the consumer journey with clear and sensitive communications.

We can also draw on decades of experience of valuing Defined Benefit pension liabilities and legal requirements to navigate scheme complexities.

Whatever your business plans, you can trust our experts to work accurately and efficiently through the detail to help you gauge your redress risks.

We offer experience of both Defined Benefit and Defined Contribution transfer redress.

And as with all First Actuarial’s services, we’re fair on fees, and put quality and our clients’ interests first at all times.

Get in touch

Get in touch to find out more about our pension transfer redress services.

We use a range of actuarial consultants within First Actuarial. They all deliver sound advice and are good and collaborative to work with.

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