Congruent Calculations™ – DC pensions
The DC pension calculator determines the adjusted market value as per FCA DISP App 4.2.7.G when the DC pension fund has received contributions (and other transfers not related to the…
Deriving a loss index for defined benefit transfers
In this note we look at a simplified approach to constructing a “Loss Index”. This may be a useful measure in looking at the historical movement of losses (expressed in…
PS22/13: Implementation results
PS22/13: Implementation results The FCA have updated the rules in the policy statement PS22/13 around the determination of redress for non-compliant pension transfer advice. There are changes in the methodology,…
CP22/15: Assumptions and methodology analysis
CP22/15: Assumptions and methodology analysisIn their recent consultation CP22/15, the FCA has proposed changes in methodology to determine redress for non-compliant pension transfer advice, as detailed in this note. Pre-retirement interest…
CP22/15: FCA pension transfer redress consultation
The FCA released CP22/15: pension transfer redress consultation on 2 August 2022. This is the (overdue) four-year review of the pension redress methodology FG17/9. The FCA propose to retain the fundamental…
Higher discount rates = lower compensation?
Higher discount rates = lower compensation? Long term interest rates have, in recent months, increased significantly. The 15-year, 5 year forward gilt rate from the start of 2022 until the end…
Congruent Calculations™ – British Steel Pension Scheme redress templates
In the FCA consultation paper on the redress scheme for former members of the British Steel Pension Scheme is a table of the comparison of benefits between BSPS2 (the new…
FCA RPI-CPI new adjustments
CPI adjustments used for pension redress calculations RPI will be aligned with CPI (or strictly speaking with CPIH) from 2030. The long-range forecasts that we use price this in and the…
S404 Redress Scheme
FCA has announced a consultation on a redress scheme for former members of the British Steel Pension Scheme (“BSPS”) who were give unsuitable advice. The FCA believe the unsuitable advice…
Pensions Redress
Paying redress when an individual has a pensions loss needs individual consideration.A pensions loss often means that it has been agreed that the individual concerned has a personal pension which…