The Department for Work and Pensions (DWP) has issued a consultation document and draft regulations implementing changes to the regime for calculating transfer values from defined benefit schemes. The changes will come into force on 6 April 2008. As announced in January 2007, the DWP is proceeding with a scheme-specific basis for calculating transfer values, in preference to other methods canvassed in an earlier consultation. Scheme trustees will have sole responsibility for setting the assumptions used in the calculation of transfer values, and must set these on a "best estimate" basis, after obtaining actuarial advice. The consultation closes on 17 August 2007.