Public Service Pension Schemes – New CETV Factors

New cash equivalent transfer value (CETV) factors for 21 public service pension schemes are now available on the GAD Factors Guidance Hub.

These updates have been provided by the Government Actuary’s Department (GAD) following the change to the SCAPE discount rate.

Trigger event

On 19 May 2026, HM Treasury (HMT) announced a change to the SCAPE discount rate from CPI + 1.7% p.a. to CPI + 2.0% p.a. HMT also revised its CETV guidance note with immediate effect to reflect the SCAPE discount rate change.

The revision to the CETV guidance note meant that certain member calculations needed to be suspended with immediate effect until revised factors became available.

Preparation of new factors

GAD works with scheme managers and scheme administrators to prepare new factors.

Calculations were suspended in relation to around 200 tables of factors used across the public service pension schemes.

Mindful of the implications on members, particularly those going through divorce proceedings, GAD prioritised the production of new CETV factors. The GAD team set up robust processes to facilitate the accurate production of new CETV factors as quickly as possible.

Quick delivery

GAD actuary, Sam Watts, said, “I would like to thank the team for their hard work and dedication which enabled us to produce new CETV factors in record time – all schemes received their new CETV factors within 11 working days of the SCAPE announcement.

“It’s a great achievement that the period for which these calculations were suspended was very short. Scheme administrators can now commence their processes to implement the revised factors and thereafter begin responding to member requests. As a team we are very proud that the quick delivery of factors by GAD should minimise the impact on members.

“Our focus is now moving on to the less frequently used transfer-in factors, which currently remain suspended.”