Rebuilding a Perkins 4107, timing conundrum

[ThePanye]

As title states, I’m rebuilding my 4107 and have run into an issue with the fuel injection pump timing.
I found TDC on compression and lined all the gears properly.

My Injection pump (CAV DAP Hydraulic) was sent out for a rebuild and the rebuilder verified that it was indexed to 290*, proper timing for the 4107.

I decided to double check the timing after aligning the pump body with the scribe on the block. Since my head is not installed I measured the drop of the piston directly. When I took the inspection cover off, the “A” line should line up with the vertical edge of the circlip at .12” which corresponds to injection at 19* BTDC, however it doesn’t line up until the piston drops about .25”, which means injection at over 40* BTDC. Picture shows where internal timing line lies at TDC.
Any ideas as to what to check here?