JLT is currently advising on Enhanced Transfer Value exercises for the AXA UK Group Pension Scheme and the Phoenix Group’s PGL Pension Scheme.
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Managing director of JLT, Karen McCaffrey clarified that the move is undertaken in the best interest of their clients.
She remarked: "In light of the FSA’s announcement and the change to assumptions around transfer value analysis and their immediate effect we have agreed with our clients that we will suspend advice until all the consequences have been considered and our response agreed."
It was on 27 April 2012 that FSA had published new rules on raising the standards on the assumptions used in the exercises.
A spokeswoman for the Phoenix Group opined that the delay would affect as many as 200 members.
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By GlobalDataIn February 2012, FSA had outlined plans to change the way pensions transfers from defined-benefit to defined-contribution schemes are calculated in a move expected to prevent benefits being undervalued by up to EUR20 billion.
