Selectapension is set to launch a new tool called APTA with a Transfer Value Comparator next month.

From the launch, on 2 July, APTA with TVC will replace the firm’s existing Defined Benefit TVAS tool.

The new tool will comprise the existing Defined Benefit TVAS tool, a new Lifetime Allowance calculator (LTA) and a new Transfer Value Comparator (TVC).

The firm says the TVC will enable users to calculate the cost of buying the equivalent scheme benefits in today’s money and, from October, will become a mandatory part of an analysis report for those advising on occupational pension transfers.

APTA with TVC reports will comply fully with the FCA Policy Statement, ‘PS18/6 - Advising on Pension Transfers’, which mandated the format and wording for Transfer Value Comparators.
 
Selectapension is also set to launch a new Lifetime Allowance calculator.

The “key benefits” will be that users will be able to model scheme comparisons, critical yields and TVC taking into account LTA, and demonstrate the impact of LTA in their income modelling analysis.

A client report will always have LTA information regardless of whether there is a breach or not.

All existing Defined Benefit TVAS subscriptions will be automatically upgraded to APTA with TVC.
 
Jo Taylor-Medhurst, technical manager at Selectapension, said “Our APTA with TVC tool offers advisers a comprehensive and fully compliant analysis report on which to base their Appropriate Pension Transfer Advice recommendations.”
 
Andy McCabe, managing director at Selectapension, said “I know our customers will value the new tool and am delighted that we are able to offer the new features at no additional charge and well ahead of the FCA deadline.”