This section has been created so you can easily access all information required regarding the various factors used within the Teachers' Pension Scheme.

Factors are subject to review and change over time.

Latest Scheme Factors and guidance

The scheme actuary is in the process of providing updated scheme factors, guidance and examples as part of the current actuarial valuation cycle.

Teachers' Pensions will use the factor that’s in effect at the date of our final calculation, which may lead to differences between the final calculation, estimates and quotes if they were based on the latest factors.

As updated factors, guidance and examples are received from the scheme actuary, these will be added below.

During the factor update process, some factors in the spreadsheet will have been updated, whereas some factors may not.

Guidance documents

The guidance documents below are expected to be updated in bulk once the current factor update process is complete.  The guidance documents remain generally relevant, though updated factors may be available for use in calculation compared to any factors referenced within the current documents.

These guidance documents should therefore be used with caution until the guidance is updated to fully reflect the new factors and advice received from the scheme actuary.

Please note that there have been changes to Lifetime Allowance (LTA), which will see the LTA charge  be removed from 6 April 2023, before being completely abolished in April 2024.

Retirement

• Early retirement from Final Salary and Career Average sections. (PDF, 1.1 MB) (This link opens in a new window)
• Late retirement from Final Salary section. (PDF, 948 KB) (This link opens in a new window)
• Late retirement from Career Average section. (This link opens in a new window)
• Lump sum conversion to pension (inverse commutation) for Final Salary and Career Average sections. (PDF, 615 KB) (This link opens in a new window)
• Trivial commutation for Final Salary and Career Average section pensions (PDF, 593 KB) (This link opens in a new window)
• Capitalising the cost of premature retirement compensation for Final Salary and Career Average sections (PDF, 372 KB) (This link opens in a new window)

Flexibilities

• Faster Accrual in the Career Average section (PDF, 572 KB) (This link opens in a new window)
• Additional pension purchase in final salary and Career Average sections. (PDF, 1.1 MB) (This link opens in a new window)
• Trivial commutation for Final Salary and Career Average sections. (PDF, 593 KB) (This link opens in a new window)
• Election to buy out the standard reduction (‘AAB buy out’) in the Career Average section (PDF, 477 KB) (This link opens in a new window)
• Outstanding contributions in respect of Past Added Years (PAY) and additional family benefit (AFB) contracts in the Final Salary section (PDF, 481 KB) (This link opens in a new window)

Tax

• Lifetime Allowance tax charge debits in the Final Salary and Career Average sections (PDF, 402 KB) (This link opens in a new window)
• Annual allowance tax charge debits in the Career Average section (PDF, 550 KB) (This link opens in a new window)
• Annual allowance tax charge debits in the Final Salary section (PDF, 533 KB) (This link opens in a new window)

Transfers

• Cash Equivalent Transfer Value (PDF, 1.2 MB) (This link opens in a new window)
• Cash Equivalent Transfer Value for members over Normal Pension Age guidance (PDF, 784 KB) (This link opens in a new window)
• Transfers-in on a non-Club basis (This link opens in a new window)
• Non-Club transfers in for members over Normal Pension Age guidance (This link opens in a new window)

Club Transfers

• Club memorandum plus Scheme specifics (PDF, 1.0 MB) (This link opens in a new window)

For more information on Club Transfers please visit the website below:

• https://www.civilservicepensionscheme.org.uk/members/public-sector-transfer-club/ (This link opens in a new window)

Divorce

• Pensions on divorce (PDF, 1.1 MB) (This link opens in a new window)
• Pensioner cash equivalents on divorce (PDF, 804 KB) (This link opens in a new window)
• Recovering divorce admin charges from pension (PDF, 608 KB) (This link opens in a new window)

Actuarial valuation

• Actuarial valuation as at 31 March 2020 - Report on Membership Data (This link opens in a new window)
• Actuarial valuation as at 31 March 2020 - Advice on Assumptions (This link opens in a new window)
• Actuarial valuation as at 31 March 2020 - Valuation Results (This link opens in a new window)