Regulation 120 Meaning of “annualised final pay”

For the purposes of this Chapter, for a continuous period of pensionable service that is less than 12 months, a member’s annualised final pay is—

$$FP\times \frac{365}{N}$$

where—

• FP is the amount of the member’s pensionable earnings payable in respect of that period of service; and

• N is the number of days in that period.

If the continuous period of pensionable service includes the day 29th February, paragraph (1) has effect with the substitution for “365” of “366”.

In this regulation, if the member is a transition member with continuity of service, “pensionable earnings” payable in respect of any period includes the member’s pensionable earnings under an existing scheme before the closing date.