Help TVC!

Yonkers420

Hi all,

can someone please refresh my memory on TVC requirements.

A member has a scheme NRD of age 65 and an intended retirement age of 60.

Do we need to do a TVC for both ages? i cannot for the life of me locate the bit in COBS which outlines this.

thanks

richallum

Yes.

Yonkers420

Thanks @richallum much appreciated

benjaminfabi

I disagree.

COBS 19.1 Annex 4B references normal retirement age under the rules of the scheme.

If you enter the NRA into selectapension, and the desired age as earlier, it will produce a single TVC in the report.

Yonkers420

Thanks Ben, it appears to me from this part of the FCA

revalue the future income benefits in COBS 19.1.3AR(1) by projecting them to the date they would normally be paid in accordance with the assumptions in COBS 19 Annex 4C 1R(4);

That only a TVC to NRD is required? a change from the previous rules where both desired retirement age and NRD would need to be used in the TVAS?

This is first transfer since the new rules and hence my understanding is a little rusty!