The Club Memorandum provides details of the calculation of the transfer credit pension for inner club transfers.

To assist with the calculation of the inner club transfers into the 2015 NHS Pension Scheme (Scotland), the Government Actuary's Department (GAD) has provided CARE benefit adjustment factors. The formula below sets out how the CARE benefit adjustment factors should be applied to calculate the club transfer into the NHS Pension Scheme 2015 (Scotland).

Club transfer in to NHSPSS 2015 = MP x CARE benefit adjustment factors

Where:

MP = the member's transferring pension revalued in accordance with the in-service revaluation of the sending scheme up to the guarantee date for the transfer (this figure is provided by the sending scheme).

CARE benefit adjustment factors = the relevant conversion factor, in either Tables 101 to 109 in the Consolidated Factors Workbook, used to calculate the adjustment to the sending scheme's CARE pension due to the pension being payable from a different age, different attached lump sum, or different spouse's proportion to that in the NHSPSS 2015.

This section relates to inner club transfers in respect of CARE benefit transfers only. The club transfer credit for outer club benefits in respect of final salary benefits should be calculated in line with approach set out in the Club Memorandum.