On 30 March 2023 the government announced a change in the SCAPE discount rate. SCAPE stands for 'Superannuation Contributions Adjusted for Past Experience'.
What we use the SCAPE rate for
All public service pension schemes use the SCAPE rate, including the Local Government Pension Scheme (LGPS) to work out the factors needed for some pension calculations. This includes:
- cash equivalent values (CEVs) for divorce proceedings
- refunds of contributions
- certain transfers to non-public service pension schemes
Revised factors
The government have indicated that revised factor tables will be issued during April or May 2023. They have advised that calculations which use the SCAPE rate should be suspended until these new factor tables are issued.
Delays
If you've requested or are thinking of requesting a CEV, refund or transfer which needs this SCAPE rate, it's likely you'll experience a delay.
As soon as the new factors have been issued, we’ll work through delayed cases as quickly as possible.