Skip to the content

Transvas PS20/06 Updates

Following the release of the FCA Policy Statement PS20/06 we are pleased to announce that our Transvas software has been updated!

PS20/06 presented several changes to pension transfer advice and we at O&M are pleased to confirm that all the relevant updates have been made to our Transvas software. These include:

Transfer Value Comparator Calculations
The product charge used within the calculation for the Transfer Value Comparator has been updated from 0.75% to 0.4% in line with the changes. We have also updated Transvas so that the calculation for a TVC within one year of Normal Retirement Age now only uses the FCA annuity rate and no longer compares this with an open market annuity rate as per the guidance. All applicable wording within the Pension Transfer Analysis Report has also been amended to reflect the changes.

Age to use for the TVC 
Following PS20/06 the FCA have confirmed that where early retirement is available without reduction, and no consent is required from trustee nor employer, then the TVC should be based on the earliest age at which such unreduced benefits are available rather than NRA. Therefore, Illustration Age A is no longer ‘locked’ to the scheme NRA and can be amended accordingly for the TVC calculation. 

Our case submission forms have been updated to reflect this change and can be found here.

Current level of pension income
The FCA have confirmed that all pension transfer advice suitability reports must contain a one-page summary detailing the ‘current level of pension income’ from the ceding scheme shown as a monthly figure. We have therefore added an additional page at the beginning of the report to reflect this information. 

Ability to build in Workplace Pensions
In line with the FCA policy statement PS20/6, we can now create new Pension Products on Transvas to replicate the charging structure of an existing Workplace Pension. 

If you wish to have a second transfer analysis report comparing against a different pension plan such as a workplace pension, simply send us the charging structure you wish to use, and we can arrange a rerun to be processed at the cost of £25 + VAT.

Lifetime Cashflow Modelling 
As a reminder to all existing Transfer Bureau customers, you also have exclusive access to discounts on our Cashflow Modeller within our web-based system FinCalc. Our Cashflow Modeller has full integration with Transfer Bureau and your transfer analysis reports meaning your Lifetime Cashflow modelling can handle more complex scenarios at just the click of a button! Our Cashflow Modeller is available from as little as £40 per month for a two user system, and includes full FREE access to our calculators, including our new Income Tax Calculator and OCF/TER Calculator. 

For more information, please do not hesitate to contact our Support team today by clicking HERE.