This note is provided for the Department for Education (DfE) as scheme manager of the Teachers' Pension Scheme (TPS).

The Public Sector Transfer Club: Memorandum by the Cabinet Office ("the Club Memorandum") sets out how pension credits and the CARE Club transfer out payment should be calculated for "inner Club" transfers. This note sets out the additional guidance required above that set out in the Club Memorandum to process Club transfers into and out of the TPS.

This note should be used in combination with the approach set out in the Club Memorandum.

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.

For inner Club transfers DfE have decided that an adjustment is required to the approach set out in the Club Memorandum to reflect the more generous early retirement terms that apply in TPS.

Details on how the adjustment factor should be applied can be found in the section Club transfers into TPS.

If a member has made a buy-out election, their accrued pension needs to be uplifted and the CARE Club transfer out payment is based on the uplifted pension.

Details on the requirements for Club transfers out of the TPS can be found in the section Club transfers out of TPS.

DfE have advised that the section Club transfers into TPS of this note does not apply to inner Club transfers from the Scottish Teachers' Pension Scheme or the Northern Ireland Teachers' Pension Scheme.