Friday, 04 November 2011 12:39
On 26th October 2011, HM Treasury issued revised guidance for the calculation of CETV's payable from public sector schemes. The guidance is currently being considered by the Scheme Actuary. As a result, the factors used to calculate transfer values and membership credits for schemes that do not participate in the Public Service Transfer Club, have been temporarily suspended.
SPPA is therefore unable at present to progress transfer enquiries. Non urgent Pension Sharing on Divorce calculations will also be suspended and only those where a requirement to meet legislative timescales will be calculated and will be issued with a caveat that the figures will need revised.
This suspension will remain in place until the Scheme Actuary provides SPPA with revised factors. Current indications are that these may become available in some 2-3 months. SPPA will then resume all transfer requests.
Requests should be made via the normal channels.