This section illustrates how a pension credit should be calculated for a member who is over NPA and is transferring pension into the career average section of the TPS.

The pension credit awarded to the member should be calculated as:

Pension credit = CETV / [F_x^P + ([3/8] x F_x^S)]

where

CETV is the member's incoming transfer value

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

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

The relevant factors are set out in the Consolidated Factors Workbook (see tables x-239 and x-240). Factors should be selected with reference to a member's sex and age.

The Consolidated Factors Workbook covers members in the career average section with:

• a normal pension age of 65, aged 65 - 74
• a normal pension age of 66, aged 66 - 74
• a normal pension age of 67, aged 67 - 74
• a normal pension age of 68, aged 68 - 74