What does this mean?

This means if you are transferring in a previous pension, or have requested a cash equivalent transfer value (CETV) (such as for a divorce or a transfer out), there may be a delay for members of the Local Government Pension Scheme (LGPS).

Why has this happened?

HM Treasury has published revised guidance on the discount rate used to calculate cash equivalent transfer values (CETVs). This means that Government Actuaries Department (GAD) advice on actuarial factors for CETVs, and related calculations, is no longer valid.

We have been advised to suspend transfer calculations for the LGPS until we receive new guidance.

What happens next?

We understand that the government is working hard to issue revised guidance as quickly as possible to help minimise delays for scheme members. If you are in the process of transferring in or out of your Local Government Pension Scheme, or need a CETV for divorce purposes, we will send your quotation to you once we’ve received the revised guidance.

Please accept our apologies for any delay.