Some members of the Teachers’ Pension Scheme who have applied for a Cash Equivalent Transfer Value (CETV) will be aware of delays in providing figures. A CETV is the cash value of pension benefits needed for the completion of divorce proceedings. We apologise for the inconvenience the delay has caused and want to assure you that we’re working as quickly as possible to resolve it

The backlog was caused by two issues. Firstly, an embargo on CETVs was necessary for all of the public service pension schemes from March 2023 to July 2023. This is necessary whenever new factors need to be calculated, which in this case was due to the change to the Superannuation Contributions Adjusted for Past Experience (SCAPE) discount rate used in scheme valuations.

Before those CETVs could be actioned, the Transitional Protection legislation came into force on 1 October 2023. For those members affected by Transitional Protection, instead of one calculation there now needs to be two to take account of service during the remedy period being in either the legacy or reformed scheme. This is new to all affected public service pension schemes which meant a full range of guidance had to be prepared and agreed across all schemes.

The complex nature of the Transitional Protection remedy then resulted in a number of technical and legal issues arising which needed to be resolved before the guidance could be provided to us.

Guidance has now been received for most scenarios, and good progress is now being made and the majority of delayed CETVs are forecast to be completed by February 2025.

For two small groups we don’t expect to issue CETVs prior to February 2025. These are:

• Members who have rollback choices to make in respect of career average scheme service. These CETV calculations will take longer to calculate due to the additional complexity. Unfortunately, we can’t provide estimated timescales because some members will have to confirm their Rollback Statement choices before this can be resolved. We’re prioritising statements for members with outstanding CETVs. Work will then begin on the cases where the rollback choice has been received.
• Retired members who haven’t made their Remediable Service Statements (RSS) decision. This is the final set of guidance that remains outstanding, although it’s expected soon. Where possible, we’re prioritising issuing RSS for these members as once a remedy choice is made the CETV will be based on that decision. As the guidance is expected soon, please don’t rush a decision in order to receive your CETV.

Thanks for your patience, we’ll provide a further update in early 2025.