I thought that I would write something on this as it could potentially be relevant to a lot of people who have Final Salary Pension schemes.
As of last October there was new legislation introduced in the UK for Pension fund trustees regarding calculating transfer values. This meant that there was a new preferred method for trustees to use when assessing transfer values for people looking to transfer out of the schemes.
The idea behind this was to make it fairer to members of the scheme.
Initially without knowing what effect this would have I personally thought that it might mean a lesser transfer value amount so as to protect members remaining in the scheme as there are a lot of final salary schemes currently in deficit.
However since December the new calculation method has come into effect all of the new transfer values I have been sent have increased massively. There has generally been an uplift in value of around 20%!!!!
In one case this uplift was 25% resulting in a 22,000 GBP gain!!
I would therefore suggest that anyone who may have previously sought values to assess whether they wish to move their fund across prior to October 2008 to revisit this area as it could have a big impact on the outcome now.
Hope this helps.