The cash equivalent transfer value should normally be quoted. This should be calculated using the same approach as would apply to a normal non-Club transfer value, even if the member is not normally entitled to a transfer value. This calculation is subject to an underpin if the member has transferred benefits in from another scheme and is covered in the NHSPSS 2015 CETV guidance note.

The calculation date should be selected in line with the approach set out in Cash equivalents on divorce: general considerations.

There may be additional information requirements and considerations required where members have previously elected for Scheme Pays. In general the determination of cash equivalents in respect of benefits yet to be put into payment should take Scheme Pays debits into account i.e. member pension should be reduced by the debit before determining the cash equivalent.

If the member's pension is due to be reduced because an allocation option has been taken out, then the benefits after allocation should be used i.e. reduced member's pension and increased dependant's pension (including subsequent pension increases).