The formula for calculating a statutory CETV transfer value is given below.

Factor tables in the Consolidated Factors Workbook provide for the range of deferred pension ages which apply to members accruing benefits under the 2015 Scheme regulations. The factors should be selected according to the member's age last birthday and deferred pension age.

If a member has a non-integer pension age then more than one factor is required and these factors are interpolated to obtain the actual factor to use.

CETV = (P x F^P_x) + (S x F^S_x)

where:

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

S is the partner's pension at the relevant date

F^P_x is the member's pension factor for a member aged x last birthday at the relevant date, taken from Tables 208 to 215 depending on the member's deferred pension age (factors are unisex).

F^S_x is the partner's pension factor for a member aged x last birthday at the relevant date, taken from Tables 208 to 215 depending on the member's deferred pension age (factors are unisex).