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calculation, which may lead to differences between the final calculation and estimates and quotes if they were based on superseded factors.

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

The most recent set of scheme factors are provided in an Excel document – Latest Scheme Factors (This link opens in a new window).

When scheme factors are being updated, some factors may not reflect the latest factors in use or as below because the spreadsheet is typically updated in bulk once the whole set of scheme factors have been reviewed.

Retirement

• Early Retirement from final salary and career average schemes. (PDF, 1.1 MB) (This link opens in a new window)
• Late Retirement from final salary scheme. (PDF, 948 KB) (This link opens in a new window)
• Late Retirement from career average scheme. (This link opens in a new window)
• Lump sum conversion to pension (inverse commutation) for final salary and career average schemes. (PDF, 615 KB) (This link opens in a new window)
• Trivial Commutation for final salary and career average scheme pensions (PDF, 593 KB) (This link opens in a new window)
• Capitalising the cost of Premature Retirement compensation for final salary and career average schemes (PDF, 372 KB) (This link opens in a new window)

Flexibilities

• Faster Accrual in the career average scheme (PDF, 572 KB) (This link opens in a new window)
• Additional Pension purchase in final salary and career Average schemes. (PDF, 1.1 MB) (This link opens in a new window)
• Trivial Commutation for final salary and career average schemes. (PDF, 593 KB) (This link opens in a new window)
• Election to Buy Out the standard reduction (‘AAB Buy Out’) in the career average scheme (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 scheme (PDF, 481 KB) (This link opens in a new window)

Tax

• Lifetime Allowance tax charge debits in the final salary and career average schemes (PDF, 402 KB) (This link opens in a new window)
• Annual Allowance tax charge debits in the career average scheme (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)