The PLSA has responded to DWP’s consultation on valuing pensions for the advice requirement and introducing new consumer protections with a reminder to the DWP that its proposed approach did not adequately address the situation of occupational pension schemes that offered guaranteed annuity rates ("GARs").   Occupational pension schemes are still required to value benefits with GARs (where the GARs are promised directly by the scheme) for transfer using an actuarial method, rather than based on the "realisable value" as is the case for personal pension schemes.   

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