The Budget included a change to the discount rate used for public service pension schemes. As a result the factors for calculating transfer values have to be changed to take account of the new rate (CPI + 2.8%, previously CPI + 3%). Until we have the new factors any estimate or guaranteed value we provide would be wrong, and in the case of younger members there could be a significant difference. We don’t want to provide an expectation of benefits that will be different to the actual cash equivalent, therefore we’re unable to provide an estimate or guaranteed transfer values until we have the new factors.

Any requests that had not been processed by 16 March, or were received on or after that date, will be put on hold until we’re able to use the new factors in the calculation. We expect the factors to be available in the next few weeks.

Please note this does not affect Club transfers between public service schemes.