This note is provided for the UK Atomic Energy Authority (UKAEA or the Authority) in its role as manager of the UK Atomic Energy Authority Pension Schemes ("the UKAEA Schemes").

This note contains guidance on the use of Cash Equivalent Transfer Value (CETV) factors to calculate a CETV in the UKAEA Schemes.

A cash equivalent may be paid by the UKAEA Schemes to another pension scheme in accordance with the Combined Pension Scheme of the United Kingdom Atomic Energy Authority Rules and in accordance with current legislation.

The tables in this note should be used to calculate the CETV of a deferred pension from the UKAEA Schemes. These tables should not be used to calculate the amount of a Club transfer value. For Club transfers, please refer to the latest version of the Club Memorandum, which is produced by Cabinet Office.

The following special cases should be referred to GAD:

• CETV calculations involving women aged between 60 and 64
• Cases where the value of the GMP needs to be disclosed separately.
• Cases involving non-scheme charges (optants and premature retirements).
• Any current cases where a CETV is required for a member with GMP reaching State Pension age before 6 April 2016.

We do not envisage any other special cases not covered by this note. However, if any do occur they should be referred to GAD.

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.

The following transitional procedure applies to CETVs:

• Where possible cases should not be quoted between the date of the HMT CETV guidance change and provision of new factors. If quotes are provided they should explain that factors are due to change, and replies received within the guarantee period and after the date of the HMT CETV guidance change should have factors more beneficial to member applied.
• For quotes issued before the date of the HMT CETV guidance change, where the member elects inside the guarantee period (but after the date of the HMT CETV guidance change), the transfer value must be at least the quoted value. We understand that the Authority provides the best of the quoted value and the updated value in these circumstances.