This note is provided for the Department for Education (DfE) as scheme manager of the Teachers' Pension Scheme (TPS). These tables should be used to calculate the cash equivalent transfer value of a member's benefit on leaving service from the TPS at ages above normal pension age (NPA). The cash equivalent may be paid by the scheme to another pension scheme.

These tables cannot be used to calculate the amount of a Club transfer value.

Transfer value payments in respect of members over NPA are not normally permitted in the TPS. This guidance is intended to only be used for:

• any cases involving final salary section members where the transfer value application was made before their NPA but the cash equivalent transfer value is calculated with an effective date after their NPA; or
• any exceptional cases where the scheme manager has exercised discretion to permit a post NPA transfer value payment.

A member may have benefits in both the final salary sections and the career average section. The CETV for the member's final salary and career average benefits should be calculated separately. If the member is below their NPA in the career average section, then the main CETV guidance should be used to calculate the CETV in respect of the member's career average section benefits.

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 guidance (and the factor tables referenced) only cover members at ages above their NPA.

Following the requirement to equalise GMPs, the calculation methodology does not contain a GMP adjustment for members reaching State Pension age after 6 April 2016.

Any current cases where a CETV is required for a member with GMP reaching State Pension age before 6 April 2016 should be referred to the Government Actuary's Department (GAD).