Delays in processing CETVs and PSOs

We’re aware that some members have been impacted by a delay in providing Cash Equivalent Transfer Values (CETVs) and Pension Sharing Orders (PSOs).

As a result of the Transitional Protection changes taking effect on 1 October 2023, we required new guidance for these calculations. Due to the nature of the issue, the approach had to be considered on a cross-scheme basis, to ensure consistency amongst affected public service pension schemes, as well as ensuring compliance with general legislation and other relevant pension rules.

The complexity of the cases means that production of the guidance has taken some time and we’ve not been able to progress cases until this was provided. Guidance is now held for many of the scenarios involved which we’re in the process of implementing after finalising the necessary IT development. For some cases, particularly those where pension benefits have been put into payment after 1 October 2023, work is ongoing to finalise that guidance as soon as possible.

We’ve already written to affected members to apologise for the disruption and inconvenience caused. We’d like to reassure members that we recognise the importance of this issue, and it’s a high priority for us.

We’re working through the cases and writing to members with the figures where we can. We’ll provide a further update on estimated timescales for the remaining cases in the coming weeks as the outstanding guidance is completed.

Last Updated: 19/06/2024 09:52