The formula for calculating CETVs for nuvos benefits (i.e. values of non-Club transfers out) is set out below. Linked service benefits of a nuvos member should be valued in line with Instructions: classic, classic plus and premium sections - NPA 60 and 65 (excluding additional pension).

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

To calculate the value of the benefits, the deferred pension and deferred survivor's pension should be calculated.

For calculating CETVs in all cases for a member with nuvos benefits, the following formula should be used:

CETV = ((P x F_x^P) + (S x F_x^S)) x F_y^Reval

Where:

P is the member's annual nuvos deferred pension at the relevant date

S is the partner's annual nuvos 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

F_x^S is the partner's pension factor for a member aged x last birthday at the relevant date

F_y^Reval = revaluation factor for a member with y 1 Aprils before NPA as at relevant date

F_x^P and F_x^S are taken from table P1CETVN (Table 1-208 of the consolidated factors workbook). F_y^Reval is taken from table REVAL (Table 1-001 of the consolidated factors workbook).

Previous versions of this guidance noted that there may be cases where the value of the GMP was to be quoted separately or liability for the GMP was to be retained within the PCSPS scheme. We understand that there is no longer a requirement to provide the value of the GMP on transfer values. Please contact GAD if a GMP value is required for a particular case.

For members with one or more pension debits resulting from divorce, and/or one or more pension offsets resulting from any "Scheme Pays" elections, the transfer value calculation is calculated as follows:

1. A gross transfer value should be calculated ignoring the pension debits and pension offsets.
2. The value of each pension debit and/or pension offset should be calculated (i.e. the transfer value of a deferred pension of the same amount as the pension offset payable from the relevant NPA).
3. The transfer value quoted and paid is the net amount i.e. the gross transfer value less the value of all the pension debits and pension offsets.