Question to the Department for Education:
To ask the Secretary of State for Education, pursuant to the Answer of 27 November 2024 to Question 15145 on Teachers: Workplace Pensions, what recent progress she has made on reducing the backlog of people waiting for cash equivalent transfer value details from teachers' pensions.
The scheme administrator has made significant progress to reduce the backlog of cash equivalent transfer value (CETV) figures that had built up whilst the necessary guidance was developed following the transitional protection legislation taking effect.
CETVs that could be automated have been prioritised, alongside the most sensitive cases, to reduce the backlog from 3,062 at the end of October 2024 to 499 as of 4 April. The current outstanding figure includes recent applications.
The scheme administrator is now working through the more complex cases for members who have not retired and have scheme flexibilities to take account of, which must be processed clerically as a result.
Guidance to provide CETV calculations for members who have retired has recently been received and is being assessed by the scheme administrator. Where possible, the scheme administrator has issued Remediable Service Statements (RSS) to retired members, as once their RSS choice has been implemented, no further guidance is required.
Addressing the remainder of the backlog remains a key priority for both the department and the scheme administrator, and all available resource continues to be used, including the use of ongoing overtime.