Paragraph 11 Rounding

Changes not yet applied. Later legislation changes this provision in ways not yet written into the text below:

Sch. 2 para. 7(1)(b) words inserted by Pension Schemes Act 2026 s. 111(2)
Sch. 2 para. 9(2) words inserted by Pension Schemes Act 2026 s. 111(4)(a)
Sch. 2 para. 9(2) word omitted by Pension Schemes Act 2026 s. 111(4)(b)(i)
Sch. 2 para. 9(2) words inserted by Pension Schemes Act 2026 s. 111(4)(b)(ii)
Sch. 2 para. 9(2) words inserted by Pension Schemes Act 2026 s. 111(4)(c)
Sch. 2 para. 9(2A)-(2D) inserted by Pension Schemes Act 2026 s. 111(5)
Sch. 2 para. 9(3) words inserted by Pension Schemes Act 2026 s. 111(6)(a)
Sch. 2 para. 9(3) words substituted by Pension Schemes Act 2026 s. 111(6)(b)

Where the amount of an annual payment or an initial payment determined in accordance with this Schedule results in a fraction of a penny, that fraction shall be treated as a penny.