Assessment of loss in relation to FSAVCs and Opt out

OAC Redress Solutions have over 25 years experience in providing pension and investment loss calculations.

It may be necessary to compensate an investor who has been given unsuitable advice to set up a Free Standing Additional Voluntary Contribution (FSAVC) arrangement rather than increasing contributions to their occupational pension scheme.

The associated redress calculations can be complex but as specialists in loss and redress assessment, OAC has the expertise to deal with them. 

In addition, we are able to assess loss in relation to individuals who have been advised to opt out of / or not join their occupational pension scheme.  

OAC provide a scalable service so we can process calculations arising from individuals complaints, or from file audits, past adviser or business reviews and remediation projects.

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Our services
  • FSAVC loss assessment of investment charges or employer matching contributions (assuming that the investor would have joined a defined contribution AVC arrangement within the occupational scheme)
  • FSAVC loss assessment on a defined benefit basis (assuming that the investor would have purchased Added Years or other defined benefit within the occupational scheme).
  • Opt out and non-joiner loss assessment including consideration of state pension impact
  • Implementation of pension guarantees agreed during the Personal Pension Review.

We are able to deal with complex and niche scenarios, complying with FG17/9 and current industry best practice as well as making appropriate reference the pensions review guidance and the regulator’s FSAVC guidance.


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How OAC work with you

At OAC Redress Solutions we take a consultative approach to every case received, drawing on our experience to identify any unusual features which may require a different calculation basis or method of redress.

We believe it is important that you understand how the compensation figure has been arrived at and we will guide you through the calculations, explaining the basis for the approach taken.

Our team can provide a full data gathering service or take on complete data ready for calculation.

For our new clients, we offer a smooth onboarding process in which we explore and document your established procedures and agree the operational aspects of our working relationship.


How OAC ensure quality

In order to deliver robust redress calculations, it is necessary to have an in depth understanding of redress legislation and industry best practice; an awareness of wider pensions issues; and access to information about specific occupational pension schemes.

OAC Redress Solutions has over 25 years of experience in preparing loss assessment calculations and we continuously monitor 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.

During the pension review, OAC managed and operated an industrywide collaborative project to establish a “Scheme Booklet Library” which was used by and contributed to by many firms. We still make regular reference to this resource which holds booklets and scheme information covering approximately 20,000 occupational pension schemes.

Our calculations are preparing using established, robust software and are signed off by an actuary.

Our reports provide a clear summary of the redress calculation so that you, your customers and claims managers can be satisfied that the compensation offer is fair. If required, we can apply our straightforward communication style to draft offer letters on your behalf.

Find out more about what the FCA’s guidance on vulnerable customers mean for pensions complaints handling?


Why work with OAC

In an area where the cost of remedial action and redress can be very high, OAC is proud to offer a trusted and dependable service delivered by a dedicated team of actuaries and consultants. We offer:

  • Over 25 years of expertise and knowledge in redress
  • 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 ​

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