This note is provided for the Department of Education Northern Ireland (DENI) as scheme manager of the Northern Ireland Teachers' Pension Scheme (NITPS).
The Public Sector Transfer Club: Memorandum by the Cabinet Office1 issued in April 2019 ('the Club Memorandum') sets out how the CARE Club transfer out payment should be calculated for "inner Club" transfers. This note sets out the additional guidance required above that provided in the Club Memorandum to process Club transfers out of the NITPS.
This note should be used in combination with the approach set out in the Club Memorandum.
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 NITPS can be found in Club transfer out of NITPS section.
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 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 guidance are summarised in the "Regulations" tab.
A separate guidance document, "Northern Ireland Teachers' Pension Scheme: Career Average Section. Club transfers in: Factors and guidance", covers inner Club transfers into the NITPS.
1 The Public Sector Transfer Club: Memorandum by the Cabinet Office
