This guidance is addressed to the Department of Finance (DoF) as scheme manager of the Principal Civil Service Pension Scheme (Northern Ireland) (PCSPS(NI)).

This guidance should be used to calculate the cash equivalent transfer value (CETV) of a deferred benefit in the PCSPS(NI). This guidance also covers the calculation of a CETV for members who have acquired added pension benefits while a member of a final salary section of the PCSPS(NI) (classic, classic plus and premium).

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. Clarification has been added on the approach to be taken where a member has a pension debit and/or offset.
• 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.

A member may have benefits in both PCSPS(NI) and the Civil Service and Others Pension Scheme (Northern Ireland) (CSOPS(NI) or the alpha scheme). The CETV for the member's PCSPS(NI) and alpha section benefits should be calculated separately using the relevant guidance.

This guidance only relates to benefits in the PCSPS(NI) - i.e. classic, classic plus, premium and nuvos. Separate guidance applies to the alpha scheme.

This guidance should not be used to calculate the amount of a Club transfer value.

This guidance describes how CETV factors should be applied and reflect our understanding of the way that administration systems have been programmed to calculate a CETV.

Where a member had both added pension and main scheme benefits, the applicable CETVs for added pension and main scheme benefits should be calculated separately.

This guidance should not be used to calculate a CETV where added pension benefits are payable from any age other than 60.

Added pension benefits payable from age 65 for a nuvos member should be included with the scheme pension when calculating the CETV as set out in Instructions: nuvos section.