Question to the HM Treasury:

To ask the Chancellor of the Exchequer, on what date his Department plans to introduce the new method of calculating cash equivalent transfer value for pension benefits.

The government published the outcome of the public service pensions consultation on the methodology used to set the Superannuation Contributions Adjusted for Past Experience discount rate (SCAPE) on 30 March 2023. As a result, the previous guidance on setting the discount rates for calculating cash equivalent transfer values (CETV) payable by public service pensions schemes was suspended.

Subsequently, on 27 April 2023 HM Treasury published new guidance for setting discount rates for calculating transfer values. It is now necessary for the Government Actuary’s Department (GAD) to calculate new actuarial factors to be used in the calculation of transfer values. GAD expects to provide these factors to administrators of public service pension schemes, by early summer. Schemes will then be able to carry out the calculations for transfer values.

https://www.gov.uk/government/publications/basis-for-setting-the-discount-rates-for-calculating-cash-equivalent-transfer-values-payable-by-public-service-pension-schemes/basis-for-setting-the-discount-rates-for-calculating-cash-equivalent-transfer-values-payable-by-public-service-pension-schemes