NEW TVAS Report Design
As you may be aware, we have been putting together some updates to the Transvas Profiler system to keep abreast of the new pensions freedoms available since April 2015.
We have implemented various new features and changes to the TVAS report:
Simplifying the report so that the DB scheme pension is only projected using the mid-rate assumptions for RPI / CPI.
New consolidated charts showing the DB scheme against the Personal Pension @ Low, Mid and High growth rate.
Broken down the core critical yields to highlight the component elements.
Introduced new pages demonstrating the impact of drawing the equivalent scheme pension from the Personal Pension using UFPLS or Drawdown.
Using ONS data, we now show expected life expectancy and likelihood of surviving to various ages.
Ability to project to scheme retirement ages of 50-54 where schemes have protected retirement age.
Ability to illustrate to terms within a year (currently need a minimum of 1 year). In this scenario, will show pension and tax free cash etc, but NOT critical yields (due to FCA rules COBS 13 which state need to use current market annuity rates for terms less than 1 year whereas TVAS uses FCA standard annuity rates).
So that you can see the changes, we have attached on the left of this page a sample TVAS report in the new format.
In addition, on the left of this page is a document going into more detail on the changes made and how to interpret the new results.
Please take the time to review the new report and we would greatly appreciate feedback - good or bad! Please click the link on the left and let us have your thoughts.