We wanted to provide an update regarding outstanding Cash Equivalent Transfer Values (CETVs). 

We’ve made significant progress to reduce the backlog that built up whilst the necessary guidance was developed, with 80% of those CETVs being issued since the end of October.  

As mentioned in our previous CETV update in December 2024, for those members affected by Transitional Protection, the team need to carry out multiple calculations to provide you with your CETV. These calculations need to be carried out for both final salary and career average service as opposed to one calculation for non-impacted members. 

This is a new requirement of all public service pension schemes implementing the remedy, which meant a full range of guidance had to be prepared and agreed across all schemes. Unfortunately, preparing the guidance in accordance with the legislation, and existing scheme rules, takes a long time to agree for consistency and to ensure calculations don’t need to be revisited.

Receiving the majority of the guidance has allowed us to process most of the cases. The last set of guidance we’re waiting on is for those members receiving their pension benefits and who have either not made their Transitional Protection remedy choice or had flexibilities. We’re assessing the draft version of the guidance, and the final version is due to be provided imminently. We’ve also been working with the Department for Education to look at other options to provide figures for retired members. This included issuing Remediable Service Statements (RSSs) to members where it has been possible to do so at this time, which means a CETV can be provided based on their RSS choice. This has been possible for approximately half of the affected retired members. 

For the remaining retired members, we’re preparing instructions based on the guidance received to date so that we can work through those remaining CETVs as soon as possible. We will publish a further update as soon as that is underway. 

Completing the straightforward cases has also allowed us to start on more complex CETVs where members who haven’t retired but have scheme flexibilities (Additional Pension, Faster Accrual, Buy-Out). These are now being worked through in datal order. 

In summary, all the backlog cases, apart from those for certain retired members and those who haven’t retired but have flexibilities, have now received their CETV. 

We apologise for the inconvenience the delay has caused and want to assure you that the remaining cases remain a priority and we’re working as quickly as possible to clear.  

Thanks for your patience, we’ll continue to provide updates via our website.