DB Transfers for people past Normal Retirement Age

Wildparaplanner

Hi all,

We are in the process of recommending a transfer of a DB pension, but the client is past NRA.

The scheme have provided a CETV, but it is not a guaranteed transfer value:

"Please note that this is a non-statutory CETV therefore it is not guaranteed and will need to be re-calculated prior to settlement"

Given the value is not guaranteed, does it mean that the so called "3 month window to transfer" where normally you would have a guarantee does not apply?

There is a lot going on and we are worried we won't have everything ready in time for the usual 3 month period from when the CETV was issued, but my feeling is there are no time constraints?

Hopefully I'm making sense but can anyone help?

Thanks
Wild

les_cameron

Yes, the 3 month window is for getting guaranteed values at the guaranteed level.

You are giving advice on an estimated value as they are no longer entitled to a guaranteed value.

You'll need to be careful around what the actual value is going to be and whether it affects your advice when the actual amount is known.

No practical experience about that not sure if you need to commit without knowing the final value or not.

I'd have a read of the FCA transfer stuff on advising on estimated values.