In line with the latest review of the Scheme discount rate used for public service pensions, the factors used to calculate transfer values for member non-club transfers and pension on divorce need to be changed with immediate effect.

Club transfers (those between public service pension schemes) will continue to be calculated using existing factors as the benefits are intended to provide equivalent value between Club schemes taking account of differences in benefits structure.

With regard to other transfer calculations, we cannot provide new estimates of service credit or pension credit for transfers-in, or guaranteed transfer values for transfers-out until we receive new factors. We’ll not be able to implement pension shares unless the effective date of the divorce was prior to the embargo on 19 May 2026.

Until the new factors are received, we’re unable to:

• process new requests for estimates in relation to non-Club transfers-in
• provide final service or pension credit values in relation to non-Club transfers-in
• provide guaranteed transfer values for non-Club transfers-out
• provide Cash Equivalent Value (CEV) estimates for pension on divorce
• implement pension on divorce orders with a pension share date where the effective date of the divorce was on or after 19 May 2026.

We’ll process any requests received by members in the interim, once the new factors have been made available.

If a member has already received a guaranteed transfer value (GTV) in relation to a prospective transfer-out, any request to proceed within the three-month guarantee period will be honoured.

Please keep checking our website and social media channels for the latest news regarding factors.