Regulation 26 Calculation of “retirement index adjustment”I1

For the purpose of this Part, the retirement index adjustment for an amount of accrued pension is an amount calculated as follows—

In this regulation F1and regulation 26A—

• “complete month” includes an incomplete month that consists of at least 16 days;

• “the leaving year” means the scheme year in which the last day of pensionable service falls;

• “percentage increase” means—

  1. (a)

     for this scheme an increase or decrease in prices or earnings (as the scheme manager may determine to be applicable to a description of pension) specified in the Treasury order for that year; and

  2. (b)

     for a sending scheme, the increase or decrease that applies under that scheme to the revaluation of earned pension in that year as published by the Treasury;

• “the Treasury order” means an order under section 9(2) of the Act.