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Calculation Of LGPS Transfer Rate

All our systems are now fully up and running and normal service has been resumed. Thank you for your patience.

LGPS transfer calculations suspended - Expired

The calculation of transfers into and out of the Local Government Pension Scheme (LGPS) had to be suspended as a result of the change to the discount rate from 29th October 2018, announced in the recent Budget. The Government sets the discount rate for all public service pension schemes.

The discount rate affects the amount of money that would be payable from the LGPS if pension rights were transferred to another pension scheme and also the pension benefits that would be purchased in the LGPS as a result of transferring previous pension rights into the scheme. In some cases linking periods of LGPS membership can be affected as transfer calculations are involved. The discount rate also affects the amount of Cash Equivalent Value (CEV) requested for divorce purposes.

Transfers between the main public sector schemes (known as inner Club schemes) are not affected.

We have now received some, but not all, of the updated factors which take into account the change to the discount rate when calculating transfers to and from the LGPS. So, we are able to start producing some transfer calculations but others are still suspended.

When the new factors are received we have to wait for our systems to be updated by our software provider. So, in the meantime manual calculations have to be carried out which can be very time consuming. So, please bear with us and only contact us to chase cases that are genuinely urgent.

We apologise for any inconvenience.