This note is provided for the Department of Education (DfE) as scheme manager of the Teachers' Pension Scheme (TPS). These tables should be used to calculate the cash equivalent transfer value (CETV) of a deferred pension from the TPS. The cash equivalent may be paid by the scheme to another pension scheme. These tables should not be used to calculate the amount of a Club transfer value.

The formulae for calculating CETVs (i.e. values of non-Club transfers out) are set out in the following sections:

• Calculating CETVs - final salary sections covers the calculation of a CETV for a member's deferred pension in the final salary sections.
• Calculating CETVs - career average section, deferred pension is not subject to a buy-out election covers the calculation of a CETV for a member's deferred pension in the career average section that is not subject to a buy-out election.
• Calculating CETVs - career average section, deferred pension is subject to a buy-out election covers the calculation of a CETV for a member's deferred pension in the career average section that is subject to a buy-out election.
• Calculating CETVs - Additional pension covers the calculation of a CETV for a member's deferred Additional Pension.

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 section benefits should be calculated separately using the relevant sections of this guidance.

A member may have a deferred Additional Pension. The CETVs for the member's standard TPS benefits and Additional Pension should be calculated separately using the relevant sections of this guidance.

There may be instances where part of a member's career average pension is subject to a buy-out election and part of their pension is not, for example where a member has revoked the election but continued in pensionable service after this time. The CETV for the different parts of the member's pension should be calculated separately using the relevant sections of this guidance.

A member may have a pension debit following a pension sharing order. Two calculations should be carried out to generate the CETV for the full pension and the CETV for the pension debit, using the relevant section(s) of this guidance. The CETV payable to the member is the CETV for the full pension minus the CETV for the pension debit.

We understand that factor tables to value accrued Guaranteed Minimum Pension (GMP) are not required so they have not been provided. Please contact GAD if a GMP value is required for a particular case.

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 not be used for Club transfer values, bulk transfer cases, members who are active or deferred and above their Normal Pension Age or for members with benefits in payment. Separate guidance has been provided relating to cash equivalent transfer calculations for Club transfers, member over their NPA or members whose pension is already in payment. Please consult the appropriate guidance note for further details.

The factors referenced in this note are different from those made under the terms of the Public Sector Transfer Club.

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).