The Actuarial Profession has published its response to the consultation paper and draft regulations issued by the Department for Work and Pensions (DWP) in July 2007 about the revised framework for calculating cash equivalent transfer values (CETVs) from defined benefit schemes. The DWP plans to implement the regulations in April 2008. These provide for a scheme-specific basis for calculating CETVs. Trustees will have sole responsibility for setting the assumptions used in the calculation of transfer values, and must set these on a "best estimate" basis, after obtaining actuarial advice.

The Profession proposes that the Pensions Regulator should issue a code of practice or guidance for trustees and actuaries, designed to help them develop a framework for operating the new system. The Profession objects to the requirement in the draft regulations for scheme actuaries to advise on the benefits that members have accrued, warning that this would include legal, rather than actuarial, matters, such as how to equalise benefits between the sexes.