The following formula should be used to calculate CETVs for members above their NPA:

CETV = (P x F_x^P) + (S x F_x^S) - (NI x F_x^NI) + LS

where:

P is the member's pension if they were to leave service on the relevant date

S is the survivor's pension if they were to leave service on the relevant date

LS is the member's lump sum if they were to leave service on the relevant date. This is zero for NPA 65 and career average section members.

NI is the member's NI modification at the relevant date

F_x^P is the relevant pension factor for a member aged x

F_x^S is the relevant survivor's pension factor for a member aged x

F_x^NI is the relevant NI modification factor for a member aged x

To calculate the value of the benefits, the pension, lump sum and survivor's pension should be calculated as if the member were to leave service on the relevant date. No allowance should be made for commutation of pension for lump sum.

We understand National Insurance (NI) modification adjustments are no longer needed for CETV calculations. For administrative consistency, we have retained this element in the formulae. However, all NI modification factors have been set to zero in the corresponding tables in the consolidated factor workbook.

The factors should be selected according to the member's age and sex.

The relevant factor tables are as follows:

Table 503: CETV factors for men above their NPA (Table 224 in Consolidated Factors Workbook) - this table covers men with:

• NPA 60 aged 60 - 74
• NPA 65 aged 65 - 74
• NPA 66 aged 66 - 74
• NPA 67 aged 67 - 74
• NPA 68 aged 68 - 74

Table 513: CETV factors for women above their NPA (Table 225 in Consolidated Factors Workbook) - this table covers women with

• NPA 60 aged 60 - 74
• NPA 65 aged 65 - 74
• NPA 66 aged 66 - 74
• NPA 67 aged 67 - 74
• NPA 68 aged 68 - 74