This note is provided for the Ministry of Defence (MoD) as scheme manager of the Armed Forces pension arrangements and sets out factors and guidance on transfers into/from the Armed Forces Pension Scheme 2015 (AFPS15) from/to pension schemes that are members of the Public Sector Transfer Club ("The Club") in accordance with scheme regulations and the Public Sector Transfer Club Memorandum.

This note also includes some guidance on the selection of factors for Club transfers relating to other schemes which are part of the Armed Forces pension arrangements.

The Public Sector Transfer Club: Memorandum by the Cabinet Office ('the Club Memorandum') sets out how pension credits and Club transfer out payments should be calculated for "Inner Club" transfers (between CARE schemes under the Public Service Pensions Act 2013 and similar schemes) and "Outer Club" transfers (final salary schemes or those able to accept final salary benefits).

Club transfers are subject to the time limits set out in the Club Memorandum.

This note sets out how to determine Armed Forces pension arrangements Club transfer values in respect of outgoing Club transfers and how to determine service and pension credits (as applicable) in respect of incoming Club transfers.

This note does not cover non-Club transfers. Please see our separate guidance notes in respect of non-Club transfers.

The following changes have been made when reviewing this guidance:

• Important information around the expected audience for the guidance, use of the guidance, review of factors, compliance and limitations applies across all sets of guidance. Rather than being repeated in each set of guidance, this can now be found on the scheme home page. It is important to read this information alongside the guidance.
• Calculation methodology: No changes have been made to the calculation methodology.
• Examples: There are no examples in this guidance. Worked examples, using the calculation methodology, can be found in prior versions of the guidance (though please note that these use historic factors).
• Factor tables: The "Factor Tables" tab contains the names of the tables that are referenced in the calculation methodology. The tables of factors themselves can be found in the most recently published "Consolidated Factors Workbook" which is available by clicking the "Download current Consolidated Factors Workbook" button on the scheme's home page.
• Assumptions: The key assumptions underlying the factors in each note are contained in the Consolidated Factors Workbook.
• Regulations: The regulations that require the production of the actuarial factors and/or guidance that is the subject of this note are summarised in the "Regulations" tab.