Calculations for transfers in and out of LGPS suspended

The calculation of all transfers into and out of the Local Government Pension Scheme (LGPS) has been suspended as a result of the change to the discount rate from 16 March 2016, as 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 you were to transfer your pension benefits 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. The discount rate also affects the amount of your Cash Equivalent Value (CEV) if you have requested this for divorce purposes.

The Avon Pension Fund is awaiting updated factors from the Government’s actuaries which will take into account the change to the discount rate when calculating transfers to and from the LGPS.  Once the Avon Pension Fund has received this we will contact those enquiring about transfers of pension benefits or requesting a CEV for divorce purposes.

We apologise for this delay and any inconvenience it may cause you. 

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