As a result of the change announced on 30 March 2023 to the discount rate used for public service pensions ,the factors used to calculate transfer values for non-club transfers and pension on divorce are being changed with immediate effect.

Club transfers

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

We can’t provide new estimates of service credit or pension credit for transfers-in, or guaranteed transfer values for transfers-out until we receive new factors. Nor can we provide the values of benefits held in the Scheme known as Cash Equivalent Transfer Values (CETVs) for pensions on divorce cases unless the effective date of the pension share was on or before 30 March 2023.

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 benefit valuation estimates (CETV) for pension on divorce
• implement pension on divorce orders with a pension share date after 30 March 2023.

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

If you’ve 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.