In last week’s webcast, we mentioned that there are further actuarial factor reviews and potential changes in the pipeline. We are now in a position to update members on the expected timeline for those reviews to be published.

By 30^th June, the following factors will be issued:

Non-club transfer values – transfer values for pensions in and out of the scheme that are not included in the public sector club transfer scheme.

CETV – cash equivalent transfer values used mainly in divorce proceedings.

2015 Scheme early and late retirement factors – actuarial reductions and actuarial uplifts.

2006 deferred early retirement – the factors used when a member defers their 2006 pension and then takes it before 65.

2006 inverse commutation – the factors used to exchange commutation for additional annual pension.

2015 added pension – the factors used to purchase extra pension in the 2015 scheme.

There are further factors to be reviewed and issued with all of them expected to be published by the end of November 2026. The pertinent factors for the police scheme are:

The maximum commutation that can be taken from the 2015 scheme – this relates to the percentage that can be taken and not the factor which will remain at £12 for every £1 commuted.

Factors for club transfers – the factors for transfers in and out of other public sector club occupational pension schemes.

2015 scheme early retirement reduction buy out – the cost of buying out the actuarial reductions in the 2015 scheme.

Annual Allowance – scheme pays and scheme pays retirement factors.

PFEW do not know how these factors will change, if at all. As soon as we receive any information on the changes, we will publish them and ask for actuarial assessment of the methodology behind any change.

Until any changes are published the current factors remain in place.