Getting Value from Transfer Values
I’d be lying, I guess, if I said I found that reading any stuff written by actuaries to be a riveting read. If I’m being honest I’d have to say that it’s often stuff I have to work pretty hard at; a bit like reading Proust really.
But having said that I was pretty interested to read a press release put out by the Actuarial Profession last week. I’ve been thinking about writing about it for a few days now, but couldn’t find a way of putting the BeeLine together. Life’s too short to keep thinking about doing things though, so I’ve just decided to write it like this. Get it over with, sort of thing.
The press release, which you can get to read by following this link (Getting value from enhanced transfer values) is telling the world about what was said at the profession’s annual convention that was recently held in Killarney. Here are a few quotes from it that rang a few bells for me:
“…although low offers and poor communication meant transfers had attracted bad publicity in the past, many companies were now offering enhanced transfer values that were worth considering.”
“…enhanced transfer values could offer a genuine chance of a bigger pension, as well as providing greater flexibility on retirement age and the form of benefits taken.”
“We have seen companies receive bad publicity for offering deals that weren’t considered fair. Now, they are offering more generous deals and if they are done well, all parties involved can benefit. Many schemes have been offering poor terms to those considering their option to transfer. For members who value flexibility and control it is positive that some companies are now pushing trustees to improve the terms for members, or paying directly to enhance them.”
“The message I would like to give people is that they should not dismiss the offer of a transfer because it is possible that they could benefit. Most importantly, I would advise them to read communications properly and seek independent advice because it is a difficult decision for anyone to make on your own and doing nothing is not necessarily the right answer.”
As I said, these are just quotes I’ve selected from the press release, but you can get to read the whole thing by clicking on the link up there. Those quotes have given me a lot to think about, maybe even a remembrance of times past. You too maybe?
Have a good weekend; hopefully the sun will shine.
13 June 2008
www.actuaries.org.uk – Getting value from enhanced transfer values, 5 June 2008
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