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So if your accrued pension now was £5k that was multiplied by 19 to give LTA value of £95k
Just crossed posts. The 19x is just an annuity rate upside down - I think that number may have been higher in the past when rates were lower (I saw 20x somewhere when I quickly googled this). So a small benefit, not enough to radically change the equation.
NickCJ-
The diffs schemes in play also have different valuations and you include the lump sum from the old scheme. The method for inflation adjustment to the LTA value was broken by the level of the spike in Oct 22 vs Oct 21 and they tweaked that just last month to sync the rates used. When CPI changed very little the flaw was pretty immaterial.
dubtap
Nope, it's the annual pension value you have generated to date multiplied by an expected average number of years in the future it will be paid.
So if your accrued pension now was £5k that was multiplied by 19 to give LTA value of £95k