- Please disclose how many scheme members have transferred out of your defined benefit pension scheme into cash or money purchase in:
The amounts in relation to Personal Pension transfers in respect of the Devon County Council fund are as follows :-
a/ Financial Year 2016-17; Thirty eight (38) b/ Financial Year 2015-16. Thirty three (33)
- Please disclose how many defined benefit transfer values were of the following sums:
* More than £5m; 0
* Between £2m and £5m; 0
* Between £1m and £2m; 0
* Between £500k and £1m; – please see note below
* Less than £500k. 71
We are unable to include the number of defined benefit transfer values ‘between £500k and £1m’ as the Council considers that this information may identify individuals, so constitutes personal data of third parties. Therefore this information is exempt from disclosure by virtue of the exemption at Section 40(2) of the Freedom of Information Act 2000.
- What current multiple of annual pension benefits are you offering for transfer valuations?
What was the prevailing multiple offered in April ’15 and how and when has it changed since then (up to end of financial year ’16-’17)? For example, rate changed from 14x to 18x in November 2015 and to 22x in February 2016
There is no current multiple that is deployed. The Council utilises the system based on the Government Actuary Department (GAD) system. This automatically calculates the multiple. Information about the scheme design and the calculations are provided on the Government Actuary Department (GAD) website.
4.If you offer different multiples depending on the date the deferred scheme member joined the scheme, please state the multiples offered for the three largest categories of members.
There is no current multiple that is deployed. The Council utilises the system based on the Government Actuary Department (GAD) system. This automatically calculates the multiple. Information about the scheme design and the calculations are provided on the Government Actuary Department (GAD) website.
- What multiple do you offer for those wishing only to take the 25 per cent tax free cash sum?
There is no current multiple that is deployed. The Council utilises the system based on the Government Actuary Department (GAD) system. This automatically calculates the multiple. Information about the scheme design and the calculations are provided on the Government Actuary Department (GAD) website.
- What is the total value you agreed to pay out to members in financial year 2016-17 and financial year 2015-16?
Year 2015/16 – total paid £5051143.68
Year 2016/17 – total paid £6124806.00