Please be advised that factors are subject to change. Teachers’ Pensions will use the factor that is in effect at the date of our final calculation, which may lead to differences between the final calculation and estimates and quotes based on older factors that have been superseded at the time of calculation.
The latest factors for all calculations are provided in an Excel document – Latest Scheme Factors. These factors are based on a discount rate of 2.4%.
The scheme actuary is in the process of providing updated guidance and examples using the latest factors. We’ll add this as and when we receive it, while also providing the link to the old guidance for those factor sets for which we have yet to receive an update. Please note that for those factor sets for which only the old guidance is available old factors are used.
We have updated guidance and examples, using the latest factors, for the following sets:
Early retirement from Final Salary and Career Average sections.
Late retirement from Final Salary section.
Late retirement from Career Average section.
Lump sum conversion to pension (inverse commutation) for Final Salary and Career Average sections.
Trivial commutation for Final Salary and Career Average section pensions
Capitalising the cost of premature retirement compensation for Final Salary and Career Average sections
Faster Accrual in the Career Average section
Additional pension purchase in final salary and Career Average sections.
Trivial commutation for Final Salary and Career Average sections.
Election to buy out the standard reduction (‘AAB buy out’) in the Career Average section
Outstanding contributions in respect of Past Added Years (PAY) and additional family benefit (AFB) contracts in the Final Salary section
Lifetime Allowance tax charge debits in the Final Salary and Career Average sections
Annual allowance tax charge debits in the Career Average section
Annual allowance tax charge debits in the Final Salary section
Cash Equivalent Transfer Value
Cash Equivalent Transfer Value for members over Normal Pension Age guidance
Transfers-in on a non-Club basis
Non-Club transfers in for members over Normal Pension Age guidance
Club memorandum plus Scheme specifics
Club transfers in the Career Average section
For more information on Club Transfers please visit the website below:
https://www.civilservicepensionscheme.org.uk/members/public-sector-transfer-club/
Pensions on divorce
Pensioner cash equivalents on divorce
Recovering divorce admin charges from pension
Actuarial valuation as at 31 March 2016 Report on membership data
Actuarial valuation as at 31 March 2016 Advice on assumptions
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