The government recently made changes which meant ESPF had to suspend certain transfer calculations where members were transferring in a previous pension, or requested a cash equivalent transfer value (CETV) (such as for a divorce or a transfer out). HM Treasury published revised guidance at the time stating that the discount rate used to calculate cash equivalent transfer values (CETVs) would be changing. 

We are pleased to say that the LGA have now provided the factors that we need to recommence transfer and CETV calculations.

What's happens next?

We will be working through the cases that were on hold following the HMRC changes. We will complete these in date receipt order. Please bear with us whilst we catch up on this work. 

Retirement factors

We have also been informed that there are changes to the early retirement factors from the 3 July 2023. The new factors are lower than the previous ones in force. Any early retirement benefits will increase as a result of the change. 

LGPS benefits are increased for late retirement after normal pension age. These increase levels are also changing from 1 September 23 and are slightly less generous than currently, meaning benefits for some members may be lower when these new factors come into force.