Revised guidance for Transfer Values

Revised guidance for Transfer Values

On 29 October 2018, the Government confirmed that the SCAPE discount rate will reduce from 2.8% above CPI to 2.4% above CPI. The Government Actuary’s Department (GAD) use this rate when setting the factors that we must use to work out cash equivalent transfer values (CETVs). We calculate CETVs for members –

 

  1. who are going through a divorce/dissolution of civil partnership
  2. who are wanting to transfer their benefits to a different scheme
  3. who are wanting to transfer benefits from a different scheme into the Scheme
  4. in certain situations, where a person’s previous period of membership will be added to their current period of membership.

 

As a result of the change to the discount rate, we are unable to use the current factors set by GAD. We understand that GAD is working on providing revised factors for us to use as soon as possible. Until they do, in most situations, we are unable to issue new CETV quotations.

 

We thank you for your patience,

Engagement Team