Old Mutual Wealth launches new TVA service

The FCA proposed replacing the current transfer value analysis requirement with a requirement to undertake an 'appropriate pension transfer analysis' of the client’s options, as well as a prescribed Transfer Value Comparator indicating the value of the benefits being given up and the cost of purchasing the same income in a DC environment.

In line with the new guidance, there will be a charge for the TVA service and reports. Each report will cost £150 + VAT to cover the work by the TVA team, the software, and the production of the report.

The new TVA service has been refined to ensure advisers can receive an accurate report as swiftly as possible. As part of this, requests for a report will be submitted through a new tool, which will ensure all the essential information is captured.

The new service will be launched on the 14th of May.

Scott Goodsir, managing director of UK distribution at Old Mutual Wealth, commented: “A final salary transfer is often the most important piece of advice that a client will ever receive and having all the right information is crucial. Our new TVA service will help us support advisers and their clients as demand for this advice continues to surge.

“The accurate production of a TVA report is a key element of the DB to DC pension transfer process and our 12 strong TVA team are well-equipped to provide swift and accurate analysis.”