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.
From 19th May 2026 we won’t be able to:
- process new non-Club transfer in estimates
- finalise non-Club transfers-in following receipt of payment
- issue guaranteed CETV statements for non-Club transfers-out
- finalise non-Club transfers-out where an election has not yet been received from a member
- issue CETVs for pensions on divorce purposes
- implement pension sharing orders
until revised factors are issued by the Government Actuary’s Department (GAD). We expect revised factors for currently suspended calculations to be provided by the end of June 2026. Following this, we will resume processing calculations that were paused as soon as we are able. We apologise for the delay caused by this instruction, and we ask for your patience as we work through these.
Please note that club transfers and other calculations are not affected by this suspension. However, wider scheme factors, such as those used in early and late retirement calculations and for added pension, will be updated (without a suspension period) in the coming months. We will continue to publish updates on this factor review to our website.
