As you may be aware, when it comes to transferring a pension between public service pension schemes, a Public Sector Transfer Club is in operation which offers a preferential set of factors as long as the transfer completes within 12 months of first being eligible to join the new scheme and within 5 years of leaving the previous scheme. The factors that are used to calculate the transfer value and subsequent credit in the new scheme are changing, with effect from 1 March 2017. The change removes the need to adjust the transfer value for Guaranteed Minimum Pension (GMP) and National Insurance Modification.

Please note that while the 3 month guarantee period for transfer values will be respected, any new transfers to another scheme on or after 1 March  2017 or any transfers that are outside of the original guarantee period will use the new factors to calculate the final transfer value. Similarly, where a transfer-in completes on or after 1 March 2017 the new factors will be used to calculate the final service or pension credit.