News Article
22 May 2009
This note provides an update to members who have requested a transfer of benefits and may be experiencing delays.
If you have requested a transfer of your pension benefits you may be experiencing a delay in receiving a response from us. Please accept our apologies for this.
Please read the following background note which explains the reasons for these delays.
Background
The factors used to calculate Cash Equivalent Transfer Values (CETV’s) by the NHS Pension Scheme changes as a result of the Occupational Pension Scheme (Transfer Value) (Amendment) regulations, which came into force on 1 October 2008. Further regulations from the Department for Work and Pensions to calculate CETV’s from Public Sector Pension Schemes came into force on 13 October 2008.
The factors used to determined membership credits as a result of transfers from schemes that do not participate in the Public Sector Transfer Club, although not affected by the changes in the legislation were also expected to change. The Secretary of State, on whose behalf NHS Pensions administers the NHS Pension Scheme, undertook a review of the factors following advice from the Scheme actuary.
That review has now been completed and we have received confirmation of the new factors.
We have now considered the administrative and system impact of these changes and we are now currently working on Transfers affected by these changes in the order we received them.
We appreciate your patience while we go through this process.