These members should be valued as though they were immediate pensioners.

The pensioner cash equivalent is calculated differently for members aged over NPA in the NPA 60 final salary section and for those members aged over NPA in the NPA 65 or career average sections.

For an active member aged above NPA in the NPA 65 final salary section or aged over NPA in the career average section, the pensioner cash equivalent should be calculated as:

CE = (P x F_x^P) + (S x F_x^S) - (G^pre + 0.15 x G^post) x F_x^G

Where the pension P should:

• be that payable at the calculation date
• include any late retirement uplift that is applicable
• be after the deduction of any National Insurance modification.

All other items are as defined in the Calculation sub-section under the Members already in receipt of benefits section.

For an active member aged 60 or over but under SPA in the NPA 60 final salary section, the pensioner cash equivalent should be calculated as:

CE = (P x F_x^P) + (S x F_x^S) - (G^pre + 0.15 x G^post) x F_x^G - (NI x F_x^NI) + LS

In this case, the National Insurance modification should not be deducted from the pension P (as it is valued separately later in the formula).

LS is the retirement lump sum that would be paid if the member had retired on the calculation date and all other items are as defined in the Calculation sub-section under the Members already in receipt of benefits section.

The same formula should be used for deferred members. However no retirement lump sum LS should be used, and pension entitlements should reflect those payable at the calculation date. This is because, as described in the sub-section General information, details of any backpayments and lump sums will be provided to the court separately.

For an active member aged SPA or above in the NPA 60 final salary section, the pensioner cash equivalent should be calculated as:

CE = (P x F_x^P) + (S x F_x^S) - (G^pre + 0.15 x G^post) x F_x^G + LS

Where the pension P should be that after the deduction of any National Insurance modification.

LS is the retirement lump sum that would be paid if the member had retired on the calculation date and all other items are as defined in the Calculation sub-section under the Members already in receipt of benefits section.

The same formula should be used for deferred members. However no retirement lump sum LS should be used, and pension entitlements should reflect those payable at the calculation date. This is because, as described in the sub-section General information, details of any backpayments and lump sums will be provided to the court separately.