Assessment of loss on pensions transfer

OAC have over 25 years of experience in providing independent actuarial assessment of transfer loss.

If an investor has transferred out a defined benefit pension on the basis of advice which is later deemed to be unsuitable, it will be necessary to establish whether they have been financially disadvantaged by the transfer.

Determining the extent of any financial loss can be complicated. OAC Redress Solutions assist advising firms by using their expertise to provide coherent loss assessment reports which clearly set out the compensation due.

We deal with:

  • Individual complaints, including those arising from a Financial Ombudsman Service (FOS) decision
  • Larger exercises such as past business review.

We also assess loss in relation to transfer out of defined contribution arrangements.

Our calculations are fully compliant with the FG17/9 and are signed off by an actuary. Where there is subjectivity in how to approach a case we apply our professional judgement extensive knowledge of the redress industry to ensure fair and robust outcomes so that you can safely leave your calculation in our hands.

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OAC's approach to transfer loss assessment

What information do OAC need to assess transfer loss

OAC’s approach to transfer loss assessment

At OAC, we understand that it can be daunting to deal with the redress process, whether you are dealing with a single complaint or you are managing a past business review.

Our team will explain the redress process so that you understand what to expect at each stage and assist with all aspects from data gathering right through to drafting of the offer letter.

OAC have an established reputation in the redress industry and are known to FOS and the FCA. We keep up to date with developments in redress and wider pensions to ensure that our calculations are in line with industry best practice.

Having dealt with many complex cases as well as simple transfer loss assessments. We maintain a scheme booklet library to which we frequently refer and we are familiar with scheme specific features, such as the conversion of benefits from the British Steel Pension Scheme (BSPS) to the New British Steel Pension Scheme.

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How OAC Redress Solutions help with individual transfer loss assessment cases

Our objective is to make the redress process as easy as possible for you. 

The team will review case papers and then guide you through any decisions that are needed, including how to deal with any missing information.  

Our fully flexible service lets you select which aspects of our services you want.  For example, our optional data gathering service to liaise with schemes and pension providers.   

We provide a clear summary of the redress calculation in order that both your PI insurer and the investor are satisfied that the compensation offer is fair.  To support this we have comprehensive, user friendly reports, which are straightforward and easy to follow.

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How OAC Redress Solutions help with past business reviews

OAC Redress Solutions will act as your actuarial partner, assisting with your skilled person (section 166) or other past business review.  We deliver high quality, reliable calculations and our experience means we can deal with all the potential complexities of redress which may arise in a bulk review exercise, including state pensions adjustments, GMP equalisation and tax complications.

Our calculation process is scalable and we offer fixed and discounted fees for project work.  We look to establish agreed principles for the redress calculations at an early stage, ensuring that you understand the decisions you are making.  We work collaboratively with you and are happy to lead on case management if required.

We see our role as being wider than simply processing calculations.  We look to share our insight with you in order that the project runs as smoothly as possible.   For example, we can help with the development of your project plan, considering how the calculations can be integrated with the suitability review.

Our dedicated team are friendly, approachable and professional, ensuring that we can deal effectively with all stakeholders involved in the redress process.

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Why work with OAC Redress Solutions

OAC’s redress experts will bring extensive knowledge, experience and processes to help your business resolve complex redress issues ensuring you get the right outcome every time.

  • Over 25 years of expertise and knowledge in redress 
  • Robust, compliant calculations prepared using established software
  • An adaptable, scalable solution designed to meet your needs.
  • 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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