This section has been created so you can easily access all information required regarding the various factors used within the Teachers' Pensions Scheme.
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may lead to differences between the final calculation and estimates and quotes based on older factors that have been superseded at the time of calculation.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 CPI + 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.
Additional pension purchase in final salary and career average sections.
Trivial commutation for final salary and career average sections.
Lump sum conversion to pension (inverse commutation) for final salary and career average sections.
Lifetime Allowance tax charge debits in the final salary and career average sections
Purchasing additional family benefits in the final salary section
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
Annual allowance tax charge debits in the Career Average section
Annual allowance tax charge debits in the Final Salary section
Until we have received an update to all guidance based on the latest factors the following versions of previously issued guidance can be used, but as all references contained within are to old factors please only use in conjunction with the latest factors.
Faster Accrual (using old factors)
Premature Retirement (using old factors)
Lump Sum Conversion (using old factors)
Trivial Commutation (using old factors)
Cash Equivalent Transfer Value (using old factors)
Transfers-in on a non-Club basis (using old factors)
Club memorandum plus Scheme specifics (using old factors)
For more information please visit the website below:
http://www.civilservicepensionscheme.org.uk/
Pensions on divorce (using old factors)
Pensioner cash equivalents on divorce (using old factors)
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