14/04/2020

 

Members who are not yet drawing their pension from the RGPS have the right to take a cash equivalent transfer value (CETV) to another pension arrangement.

However, in the current volatile market conditions stemming from the COVID-19 pandemic, it is difficult to set terms for CETVs which are both fair to the members transferring and to the remaining members of the Scheme. The Trustee has therefore decided to suspend CETV quotations and payments for a period of 3 months and to consider the terms further at the end of June 2020 (when hopefully market conditions will have stabilised).

The Trustee's decision to suspend CETVs temporarily is in line with guidance recently issued by the Pensions Regulator in relation to the COVID-19 crisis.