The Government has confirmed a change to the SCAPE discount rate. This rate is used to determine the factors used by public service pension schemes to calculate pension values. The factors are used in many calculations including:
- Voluntary retirement before or after your Normal Pension Age
- Non club transfers (to and from pension schemes outside of the public sector)
- Interfund transfers (between LGPS funds)
- Cash Equivalent transfer values for the purpose of Divorce
The current factors we use have been withdrawn with effect from 19 May 2026. Any request made for a transfer or divorce quote from 19 May 2026 will be acknowledged but cannot be processed until new factors are issued.
Retirement estimates are still available but will be based on the existing factors and guidance. Therefore, any estimate we provide or that is run using our Member Portal for a date other than your normal pension age may be overstated. The estimate may still be sufficient for planning purposes, but we are unable to provide any information on the extent to which the factors will impact the pension value. We are expecting the new factors to be published in approximately 6 weeks but do not have a specific timeline.
Club transfers (to and from pension schemes within the public sector) can continue and are not affected by the discount rate change.