The Department for Work and Pensions (DWP) has announced that it is delaying the introduction of the new regime for calculating pension transfer values until 1 October 2008. The DWP had issued draft regulations for consultation in July 2007, and these were due to come into force on 6 April 2008 (see Legal update, DWP consults on draft transfer value regulations). Pensions minister Mike O'Brien said that several respondents to the consultation had asked for further time to put in hand the necessary administrative arrangements. After considering the arguments, the government has decided to accede to these requests.

The Board for Actuarial Standards has apparently confirmed that actuarial guidance note GN11 will continue to apply until 1 October 2008. The Actuarial Profession had been among those calling for a six-month delay in the implementation of the new regime (see Legal update, Actuarial Profession publishes response to DWP consultation on revised transfer value regime).

See Press release: Calculation of pensions transfer values, DWP, 25 October 2007.