If you are in receipt of a pension from the fund (as a pensioner or a dependant), please find this year’s Pension Increase letter in My Pension. Once logged into your account, the letter can be found under ‘Documents and Uploads’ and then ‘Fund documents and forms’.
The government has confirmed a change to the SCAPE (Superannuation Contributions Adjusted for Past Experience) discount rate.
The SCAPE discount rate is set by HM Treasury and is used to determine factors for a range of public service pension calculations, including those used by the LGPS.
This means that the factors will change and that some areas of work will be delayed whilst we wait for those changes to be made. The government has not yet confirmed when the factors will be produced.
Some transfer calculations are currently on hold.
Divorce calculations where a ‘Pension Sharing Order’ has been issued are also on hold.
These calculations will resume once the updated factors are confirmed.
We will continue to calculate estimated information where requested for a divorce, however, if a Pension Sharing Order is subsequently issued, the calculation of those final figures are currently on hold and may vary slightly once the updated factors are confirmed.
Many retirement calculations are also affected. We will continue to provide estimates using the current factors. However, the final amount you receive may be different.
If you take your pension after the new factors are introduced, your pension is likely to be lower than it would be under the current factors. However, where you have received final pension options figures, those figures will be honoured.
If you use the Voluntary Retirement Calculator on My Pension to estimate your pension for early or late retirement, please note that the adjustments to your benefits may not be accurate whilst we wait for the new factors to be produced.
The Government Actuary Department (GAD) will issue the factors and are aiming to issue them in batches over the next 6 months.
We will not be able to process any suspended calculations until the relevant updated factors are received.
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