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What are the Galbraith Tables?

30th May 2023

You may have noticed that At A Glance 2023/24 has a brand new set of tables - the Galbraith Tables. But what are they?

What are the Galbraith Tables?

The Galbraith Tables are a tabulated series of age and sex-specific multipliers used to calculate the present value of a defined benefit ('DB') pension promise payable in retirement.

They are designed to assist in carrying out pension offsetting calculations - that is working out how much one party would need to retain in non-pension assets to offset the other party's retention of pension assets.

[above text taken from At A Glance 2023/24]


Who produced the tables?

The tables are produced by Jonathan Galbraith and Christopher Goodwin of Mathieson Consulting Ltd.


When do I use the tables?

In a similar vein to Duxbury, the tables do not attempt to identify a precise sum required in defined contribution ('DC') pension funds that will guarantee a certain level of income to a party in retirement. They are best viewed as a guide to identify a fair present defined contribution fund equivalent ('DCFE') value for DB pension benefits payable in future, for use in offsetting calculations.

There is no single correct method for producing these valuations: the Galbraith tables provide 'a way' rather than 'the way'.

The tables are likely to be of particular use in cases where the cost of expert reporting is disproportionate to the issues at large.

[above text taken from At A Glance 2023/24]


Where can I find the tables?

The tables can be found for free here: Galbraith Tables.

However, they are also now published, for the first time, in At A Glance.

Alongside the tables, the Editors have provided invaluable commentary on Premise and Assumptions, Caveats, Method, Capital Versus Income Comparison and a Worked Example.

Get your copy of At A Glance 2023/24

At A Glance is available in print or digital format, via our bespoke eReader.

Copies are £85 (free P&P).

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