Enhanced Transfer Value
An ETV is offered to deferred members, typically aged under 55. This involves the member being given the opportunity to transfer out of an existing scheme and into a personal pension plan. The Retirement Adviser provides advice as to whether or not it would be beneficial for the member considering their personal circumstances.
Flexible Retirement Option
A FRO is similar to an ETV except that it involves deferred members who are over the age of 55. The Retirement Adviser will present the current transfer value to members along with details of what the existing scheme would provide by way of immediate retirement benefits, together with the benefits they could purchase on the open market (such as an annuity or an income drawdown).
As before The Retirement Adviser will provide advice to the members as to whether they should remain in the scheme, start drawing benefits, or transfer out in order to begin drawing benefits in a different format.