This note sets out how to calculate cash equivalent transfer values (CETVs), cash equivalents on divorce and pension credits using factors provided by the Government Actuary's Department (GAD) under the Judicial Pension Scheme 2022 (JPS 2022).

The factors in this note are suitable for calculating CETVs under overriding DWP legislation (which also applies to the calculation of cash equivalents on divorce).

A Cash Equivalent may be paid by the scheme to another pension scheme calculated in accordance with regulations.

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.
• 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.

This note should be used to calculate the CETVs, pension credits and pension debits to be awarded when a member wants to transfer out of JPS 2022 or is a member with JPS 2022 benefits who requires quotations for divorce.

A member may have benefits in more than one judicial pension scheme. Where this is the case benefits for each scheme should be calculated separately using the appropriate CETV guidance note.

For pension credit cases, our understanding is that partners of active and deferred members will have the option of commutation at retirement from their pension credit. For partners of pensioner members, the member will have already taken the option to commute from the scheme and so their partner is not eligible for commutation at retirement. This has been reflected in the respective factors for pension credit cases.