This section has been created so you can easily access all information required regarding the various factors used within the Teachers' Pensions Scheme.
As well as providing the factors we've received, we have also identified those we're still waiting for.
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which may lead to differences between the final calculation and estimate quotes which used factors that have since been superseded.
Flexibilities
Additional Pension
Buy Out
Faster Accrual
Outstanding contributions in respect of Past Added Years - additional Family Benefits contracts
Retirement
Early Retirement
Late Retirement
Premature Retirement
Lump Sum Conversion
Trivial Commutation
Family Benefits
Purchasing additional benefits for dependents
Transfers
Cash Equivalent Transfer Value
Following the Autumn Budget we are currently awaiting new factors in respect of Cash Equivalent Transfer Values.
These factors are applicable where the effective date was on or before 29 October 2018 and should be used and read in conjunction with the guidance notes.
Transfers-in on a non-Club basis
Following the Autumn Budget announcement, we are currently awaiting new factors for illustration and for transfer payments received after 29 October 2018.
These factors are applicable where the effective date was on or before 29 October 2018 and should be used and read in conjunction with the guidance notes.
Club memorandum plus Scheme specifics
For more information please visit the website below:
http://www.civilservicepensionscheme.org.uk/
Divorce
Factors to calculate a pension credit in the Teachers' Pension Scheme
Pensions on divorce Factors
Following the Autumn Budget we are currently awaiting new factors in the respect of pension on divorce factors.
These factors are applicable for pension on divorce cases where the effective date was on or before 29 October 2018 and should be used and read in conjunction with the guidance notes.
Factors to calculate a pensioner cash equivalent in pensions on divorce cases
These factors are applicable for pension on divorce cases where the effective date was on or before 29 October 2018.
The factors should be used and read in conjunction with the Factors to calculate a pensioner cash equivalent in pensions on divorce cases.
Pensioner cash equivalents on divorce
Annual Allowance - Scheme Pays
Factors for members making a scheme pays election before 16 March 2016.
Scheme pays election
Factors for members in the Final Salary 2010 arrangement making a ‘scheme pays’ election on or after 16 March 2016
Final Salary election
The factors should be used and read in conjunction with the guidance.
Factors for members in the Career Average 2015 arrangement making a ‘scheme pays’ election on or after 16 March 2016.
Career Average election
The factors should be used and read in conjunction with the guidance.
Lifetime Allowance
This guidance relates to members who exceed the Lifetime Allowance (LTA), giving rise to a tax charge paid by the Teachers' Pension Scheme, where the LTA reduction is calculated on or after 1 June 2016. The member’s benefits are reduced in accordance with factors based on the person’s age at the payable date.
Where an LTA reduction is calculated on or after 1 June 2016
Last Updated:
15/11/2018 15:42