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may lead to differences between the final calculation and estimates and quotes based on older factors that have been superseded at the time of calculation. 

Latest Scheme Factors

The latest factors for all calculations are provided in an Excel document – Latest Scheme Factors (XLSM, 1.2 MB) (This link opens in a new window). 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.

Latest Guidance

We have updated guidance and examples, using the latest factors (XLSM, 1.2 MB) (This link opens in a new window), for the following sets:

Early retirement from final salary and career average sections. (PDF, 1.1 MB) (This link opens in a new window)

Late retirement from final salary section. (PDF, 948 KB) (This link opens in a new window)

Additional pension purchase in final salary and career average sections. (PDF, 1.1 MB) (This link opens in a new window)

Trivial commutation for final salary and career average sections. (PDF, 593 KB) (This link opens in a new window)

Lump sum conversion to pension (inverse commutation) for final salary and career average sections. (PDF, 615 KB) (This link opens in a new window)

Old Guidance and Factors

Until we have received an update to all guidance based on the latest factors (XLSM, 1.2 MB) (This link opens in a new window) 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 (XLSM, 1.2 MB) (This link opens in a new window).

Flexibilities

Buy Out (using old factors) (PDF, 131 KB) (This link opens in a new window)

Faster Accrual (using old factors) (PDF, 246 KB) (This link opens in a new window)

Outstanding contributions in respect of Past Added Years - additional Family Benefits contracts (using old factors) (PDF, 186 KB) (This link opens in a new window)

Retirement

Premature Retirement (using old factors) (PDF, 372 KB) (This link opens in a new window)

Lump Sum Conversion (using old factors) (PDF, 135 KB) (This link opens in a new window)

Trivial Commutation (using old factors) (PDF, 593 KB) (This link opens in a new window)

Family Benefits

Purchasing additional benefits for dependents (using old factors) (PDF, 211 KB) (This link opens in a new window)

Transfers

Cash Equivalent Transfer Value (using old factors) (PDF, 211 KB) (This link opens in a new window)

Transfers-in on a non-Club basis (using old factors) (This link opens in a new window)

Club memorandum plus Scheme specifics (using old factors) (PDF, 1.0 MB) (This link opens in a new window)

For more information please visit the website below:

http://www.civilservicepensionscheme.org.uk/ (This link opens in a new window)

Divorce

Pensions on divorce (using old factors) (PDF, 1.1 MB) (This link opens in a new window)

Pensioner cash equivalents on divorce (using old factors) (PDF, 804 KB) (This link opens in a new window)

Annual Allowance - Scheme Pays

Guidance for members making a scheme pays election before 16 March 2016.

Scheme pays election (using old factors) (PDF, 279 KB) (This link opens in a new window)

Guidance for members in the final salary 2010 section making a ‘scheme pays’ election on or after 16 March 2016

Final Salary election (using old factors) (PDF, 65 KB) (This link opens in a new window)

Guidance for members in the career average 2015 section making a ‘scheme pays’ election on or after 16 March 2016.

Career Average election (using old factors) (PDF, 52 KB) (This link opens in a new window)

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 (using old factors) (PDF, 435 KB) (This link opens in a new window)