On Tuesday 19 May 2026, HM Treasury announced a change to the SCAPE discount rate, which is used to work out some public service pensions.
The SCAPE rate is the ‘Superannuation Contributions Adjusted for Past Experience’. It is the Government’s framework used to work out employer contributions and costs for public service pension schemes.
This change will not reduce the pension benefits you have built up. However, the amount you receive may be different if you take your pension before your normal pension age.
Your normal pension age is:
- 60 in the 1995 Section (or 55 for Special Class members)
- 65 in the 2008 Section
- Your State Pension age (or 65 if higher) in the 2015 Scheme
The change to the SCAPE discount rate means future pension payments are now valued as lower in today’s terms. As a result, pension benefits taken before or after normal pension age may be affected.
Early retirement
Changes to early retirement factors may affect how much your pension is reduced if you take it before your normal pension age.
Redundancy
Changes to early retirement and redundancy factors may affect the cost of taking your pension early due to redundancy. This is known as the 'capitalised cost'. You can find more information in the redundancy section of the website.
Late Retirement
Changes to late retirement factors may affect how much extra is added to your pension from the 2008 Section or 2015 Scheme if you take it after your normal pension age.
Expected date of change
Changes to early retirement and redundancy factors are expected in September 2026, with changes to late retirement factors expected at the end of June 2026.
General information about the SCAPE rate
The SCAPE discount rate is used to help calculate the value of future pension benefits in today’s terms. In simple terms, SCAPE is the system the Government uses to work out how much public service pensions cost. The change affects all unfunded public service pension schemes, including the NHS Pension Scheme.
The SCAPE rate affects how certain calculations are made within the pension scheme, but the pension scheme rules do not change, and there is no change to the value of the pension benefits you have built up.