Scheme factors are used in most calculations, for example to work out the value of pension if a member retires early, late, transfers pensions into or out of the Scheme, or if extra pension is bought. The last review of Scheme factors took place in 2023. These factors are set by the ‘Superannuation Contributions Adjusted for Past Experience’ (SCAPE) discount rate, which is published by HM Treasury (HMT). On 19th May 2026, HMT announced a change to the SCAPE rate from CPI + 1.7% to CPI + 2.0% and revised its cash equivalent transfer value (CETV) guidance note with immediate effect. This means that the Scheme’s factors now need reviewed and some calculations are immediately suspended until new factors are issued.
As of 8th September 2026, we have received all of our updated factors from the Government Actuary’s Department (GAD) and our Scheme’s actuary.
These have been programmed on our pension software system, and NILGOSC has resumed processing calculations that were paused. In some cases, if a quotation has been issued based on the old factors and a decision is pending, we will contact you with updated figures if these are materially different. If a decision has already been made based on a quotation that used old factors, but not yet processed, we may ask you to confirm your decision if the revised figures are materially different. We apologise for any delay caused by this instruction, and we ask for your patience as we work through these. This concludes the Scheme’s factor review.
