The formula for calculating the part of the CETV in respect of the added pension benefits payable from age 60 acquired while a member of the classic, classic plus or premium sections of PCSPS(NI) (i.e. values of non-Club transfers out) is set out in below.

The factors should be selected according to the member's age last birthday, sex, and for the revaluation factor the number of 1 Aprils falling between the calculation date and Normal Pension Age (NPA of 60 years).

To calculate the value of the benefits, the added pension at calculation date (or relevant date) should be calculated.

For calculating the part of the CETV in respect of added pension benefits, the following formula should be used:

CETV Added Pension = (P x F_x^P) x F_y^Reval

Where:

P is the member's annual added pension at the relevant date

F_x^P is the member's pension factor for a member aged x last birthday at the relevant date. The factor is obtained from table P1CETVAPC (for classic members) or table P1CETVAPP (for classic plus and premium members) (Tables 1-210 and 1-211 of the consolidated factors workbook)

F_y^Reval is the revaluation factor for a member with y 1 Aprils before NPA (age 60) as at relevant date from table REVAL (Table 1-001 in the consolidated factors workbook)

The member's overall CETV is the above combined with the result of the CETV calculation for the member's main pension as set out in Instructions: classic, classic plus and premium sections - NPA 60 and NPA 65 (excluding additional pension).

CETV = CETV main pension + CETV Added Pension