In May there was a change in the discount rate used for public service pensions. 

Since our last update in July, new factors have now been provided by the Government Actuaries Department (GAD) for members who are entitled to non-club transfer values. These are used to estimate the value of a member’s entitlement to a pension when transferring in or out of the Scheme. They’ll differ depending on their age and the scheme they’re a member of.

We’ll now be dealing with outstanding member cases, which were on hold until the new factors were received, in order of receipt.

The below factors will be implemented from 1 October 2026:

• Early retirement
• Late retirement
• Trivial commutation
• Inverse commutation
• Added pension.

To stay updated on the latest news about these factors, please check our website and social media channels.