Transfer and divorce calculations suspended | Shropshire County Pension fund

Shropshire County Pension fund

Taking care of your Local Government Pension in Shropshire

Transfer and divorce calculations suspended

Posted on by Admin-1

The calculation of all transfers into and out of the Local Government Pension Scheme (LGPS) has been suspended as a result of the change to the discount rate from 16 March 2016, as announced in the recent Budget.  The Government sets the discount rate for all public service pension schemes.

The discount rate affects the amount of money that would be payable from the LGPS if you were to transfer your pension benefits to another pension scheme and also the pension benefits that would be purchased in the LGPS as a result of transferring previous pension rights into the scheme. The discount rate also affects the amount of your Cash Equivalent Value (CEV) if you have requested this for divorce purposes.

We are awaiting updated factors from the Government’s actuaries which will take into account the change to the discount rate when calculating transfers to and from the LGPS.  Once received we will be able provide calculations for a transfer of pension benefits or provide a CEV for divorce purposes.

We apologise for this delay and any inconvenience it may cause you.

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