Hm Treasury
Details
As a result of the announcement of the new SCAPE discount rate, the guidance on this page is no longer valid and should not be used. New guidance will be published shortly. Please suspend CETV activities that require the use of the rates included in this guidance until the new guidance has been published.
This is a technical note on the discount rates to be used by the scheme managers of public service pension schemes in calculating transfers payable from the schemes.
Deferred members of pension schemes may choose to transfer their pension benefits to appropriate alternative pension schemes in some circumstances.
Transfer values are also used in assessing the pension component of assets of a marriage or civil partnership during divorce or dissolution proceedings. This guidance updates the discount rates that are used in the calculations, bringing them into line with a change made at Budget 2018 to update the discount rate used in undertaking valuations of the pension schemes as a whole.
The guidance applies to the unfunded public service pension schemes and the local government pension schemes in England, Wales, Scotland and Northern Ireland and the schemes should adopt the updated discount rates with immediate effect.