Teachers' Pensions
The question
To ask the Secretary of State for Education, pursuant to the Answer of 27 November 2024 to Question 15144 on Teachers: Workplace Pension, what the updated planned timetable is for resolving the backlog of people waiting for cash equivalent transfer value details from Teachers’ Pensions.
Answered by Catherine McKinnell
The scheme administrator has made significant progress to reduce the backlog of Cash Equivalent Transfer Value (CETV) figures that built up whilst the necessary guidance was developed following the Transitional Protection (McCloud) remedy taking effect.
The backlog of 3,062 at the end of October 2024 has been reduced to 472 as of 3 June. The current outstanding figure includes recent applications and as such there will always be a number of outstanding CETVs at any given time.
The scheme administrator is now working through the more complex cases for members who have not retired who have scheme flexibilities to take account of, which must be processed clerically as a result.
Addressing the remainder of the backlog remains a key priority for both the department and the scheme administrator and it is anticipated that these outstanding cases will be completed before October 2025.
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