09 February 2017
The factors used to calculate the outgoing transfer value and subsequent transfer in credit in the NHS Pension Scheme for a Club transfer are changing with effect from 1 March 2017. The change also removes the need to adjust the transfer value for Guaranteed Minimum Pension (GMP) and National Insurance Modification.
Where a member transfers between schemes that participate in the Public Sector Transfer Club arrangements, the transfer value and subsequent transfer in credit are calculated by reference to Club factors if the transfer is taking place on a Club basis.
This means that any transfers not completed by 1 March 2017 may take longer to complete than usual and the time taken to respond to your request make increase.