Re valuing benefits with guaranteed annuity rates

The Government has published its response to its consultation on how benefits with guaranteed annuity rates should be valued for the purpose of assessing whether the value of the benefit exceeds £30,000 and the member is therefore required to take financial advice before transferring the benefit. The Government intends to simplify the requirements by providing that in future the value for assessing whether the advice requirement is triggered will be calculated by reference to the transfer value to which the member would be entitled (making the assumption that the member has a statutory right to transfer).  The changes are due to take effect from 6 April 2018.