Redress Solutions for Life Assurance Companies
Providing expert support and guidance to deliver robust, compliant and fair outcomes for you and your customers
We have over 25 years’ experience in supporting Life Assurance companies resolve a wide range of pensions redress issues. Over this time we have built up a trusted and reliable reputation for the quality of our work, our attention to detail and our ability to communicate the complexities of redress to our clients.
We provide a range of specialist services for insurance companies to help improve procedures, reduce risk, save time and ultimately reduce costs and deliver robust and fair outcomes. These include:
- Transfer Value Loss Assessment:
Assisting with individual cases or multiple calculations arising out of larger projects
- Loss Assessment in relation to other unsuitable advice:
Including advice relating to income drawdown, pensions tax, mortgage endowments and contracting out
- Opt Out / Non Joiner Loss Assessment:
Including the implementation of pension guarantees
- Review and Audit of Redress Calculations
- Redress Calculation Software
OAC are uniquely placed to be your independent actuarial partner in the redress process.
We provide a full range of actuarial redress calculations, meaning that we are able to offer a single point of support for all your redress needs.
We listen carefully to our clients’ objectives and develop the service that they require, integrating our capabilities with the in house capacity and expertise.
We understand your obligation to treat customers fairly and will help you achieve this, ensuring that the compensation offer is compliant and in line with industry best practice.
In an environment where redress is increasingly complicated, we believe that transparency is key. We provide clear reports and calculation summaries so that you, your customers and claims managers can understand how compensation has been calculated.
By working with us your business will benefit from:
- Expertise and knowledge as we continuously adapt our processes and calculations to reflect the most recent thinking by the Financial Conduct Authority (FCA) as well as developments in the broader pensions industry.
- Experts who understand and can assist with complex areas such as pensions tax and GMP equalisation.
- Over 25 years experience in preparing a wide range of redress calculations.
- A full range of robust calculations prepared using established software
- An adaptable, scalable solution designed to meet your needs.
- A smooth onboarding process where you will receive support and insight from our experts
- An accessible and professional consultancy service which enables you to understand the complexities of redress so that you can make the right choices for your business
- Understanding The Risk Associated With Defined Benefit Transfer Advice
- Current Issues In Redress Summer 2020
- Current Issues in Redress Summer 2020
- Current Issues In Redress Summer 2021
- Update to Redress Guidance FG17/9
- What Can We Learn From The FCAs Response To Transfers From The British Steel Pension Scheme?
- What Does The FCAs Guidance On Vulnerable Customers Mean For Pensions Complaints Handling?
- How Freezing The Lifetime Allowance Affects Redress?
"“We have worked with OAC for a number of years. Along with their technical knowledge and accuracy, we very much value their responsiveness to our calculation requests and any additional queries we have. They are very clear in their communications as well as being friendly and easy to deal with.”"
"We have been delighted with the quality of the service as well as the positive and proactive approach taken by OAC. We do feel like we are a valued client. Their communication - from emails, to governance meetings and in general correspondence has always been clear and transparent."
"We have enjoyed a long-standing relationship with OAC and can honestly say that the support they provide our business is second to none."
"We have been working with OAC, for the past 15 months and have found them extremely helpful, knowledgeable and approachable. OAC now deal with all our mis-selling complaint redress calculations and they have all been dealt with promptly and within stated timeframes.
We have been very happy with the service OAC have delivered and look forward to our continued relationship."