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may lead to differences between the final calculation and estimates and quotes based on older factors that have been superseded at the time of calculation.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.
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.
Buy Out
Faster Accrual
Outstanding contributions in respect of Past Added Years - additional Family Benefits contracts
Premature Retirement
Lump Sum Conversion
Trivial Commutation
Purchasing additional benefits for dependents
Cash Equivalent Transfer Value
Transfers-in on a non-Club basis
Club memorandum plus Scheme specifics
For more information please visit the website below:
http://www.civilservicepensionscheme.org.uk/
Pensions on divorce
Pensioner cash equivalents on divorce
Guidance for members making a scheme pays election before 16 March 2016.
Scheme pays election
Guidance for members in the final salary 2010 section making a ‘scheme pays’ election on or after 16 March 2016
Final Salary election
Guidance for members in the career average 2015 section making a ‘scheme pays’ election on or after 16 March 2016.
Career Average election
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
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