Regulation 68 Annual rate of retirement pension (active members)I1

England and Wales

(1)

This regulation applies when an active member of this scheme becomes entitled to the immediate payment of a retirement pension.

(2)

The annual rate of a retirement pension payable on the day following the last day of pensionable service to a member to whom this regulation applies is calculated by adding the total of F1sub-paragraphs (a), (b), (ba) and (c)—

(a)

the amount derived by—

(i)

taking the amount of retirement earned pension specified in the member’s retirement account,

(ii)

subtracting the early payment reduction (if any), specified in that account in relation to that amount,

(iii)

subtracting the commutation amount (if any) specified in that account in relation to that amount, and

(iv)

subtracting the total allocation amount (if any) specified in that account in relation to that amount;

(b)

the amount derived by—

(i)

taking the amount of retirement added pension (if any) specified in the member’s retirement account,

(ii)

subtracting the early payment reduction (if any), specified in that account in relation to that amount,

(iii)

subtracting the commutation amount (if any) specified in that account in relation to that amount, and

(iv)

subtracting the total allocation amount (if any) specified in that account in relation to that amount;

F2(ba)

the sum of —

(i)

the equivalent amount to the NFPS lower tier ill-health pension (if any) or the equivalent amount to the 1992 Scheme lower tier ill-health pension (if any) specified in the member’s retirement account,

(ii)

subtracting the commutation amount (if any) specified in that account in relation to that amount; and

(c)

the amount of the higher tier ill-health pension (if any) awarded to the member under regulation 74(2)(entitlement to lower tier ill-health pension and higher tier ill-health pension).

Annotations

Textual amendments

F1: Words in reg. 68(2) substituted (1.4.2015) by The Firefighters' Pension Scheme (Wales) (Transitional and Consequential Provisions) Regulations 2015 (S.I. 2015/1016), reg. 1(2), Sch. 1 para. 5(a)(i)
F2: Reg. 68(2)(ba) inserted (1.4.2015) by The Firefighters' Pension Scheme (Wales) (Transitional and Consequential Provisions) Regulations 2015 (S.I. 2015/1016), reg. 1(2), Sch. 1 para. 5(a)(ii)

Commencement

I1: Reg. 68 in force at 1.4.2015, see reg. 1(2)