Due to changes being made by the government, which we have no control over, we have been advised to suspend certain transfer calculations for the time being. 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 if you are in the Police, Firefighters’ or Local Government Pensions 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means that Government Actuaries Department (GAD) advice on actuarial factors for CETVs, and related calculations, is no longer valid.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, Police and Firefighters’ Pension Scheme until we have received the latest revised guidance.
What happens next?
We understand that the government is working hard to issue the revised guidance as quickly as possible to help minimise delays for scheme members. If you’re in the process of transferring in or out of your Local Government, Police or Firefighters’ pension, 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 delays.