After lengthy discussions, the way forward on EXD54/GN11 has been decided. The DWP has agreed that the time is right for the Government to consult on the principles in legislation that should underpin the calculation of transfer values.

The Government intends to consult soon on draft regulations designed to reflect these principles. Meanwhile, GN11 Version 9.2 remains in force.

By the time of the consultation, it is expected that the Board for Actuarial Standards will have responsibility for GN11:

• Approaches to the calculation of pensions transfer values [pdf, 583 kb]
  Actuarial Profession's response to the DWP consultation paper, August 2006
• Press release: Actuarial Profession welcomes Government consultation on new framework for calculating transfer values. 21 March 2006
• Exchange of letters between the Minister for Pensions Reform, Stephen Timms, and Institute President, Michael Pomery
• Ministerial briefing note, sent to the Minister for Pensions Reform on 24 October 2005;
• Briefing note, by Wendy Beaver, Chairman of the Pensions Board;
• DWP press release and the Written Statement in Parliament.
• EXD54: Retirement benefit schemes - transfer values (GN11)
• Covering letter from Wendy Beaver, Chair, Pensions Board. May 2005
• EXD54 - new GN11. Example calculations. May 2005
• Policy principles underlying proposed GN11 (EXD54). 10 May 2005