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 = member's deferred pension at the relevant date.

S = partner's pension at the relevant date.

F^P_x = 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 = 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).