Paragraph 6 I1

in paragraph 1(1) for the words “The period” substitute “Where article 52B(4)(a) applies, the period” and after the words “in accordance with” insert “this paragraph and paragraphs 2, 3 and 4 of”; and

after paragraph 4 insert:

“5

(1)

Where article 52B(4)(b) applies and the transfer value was received from the person responsible for the management of a club scheme, the fireman is entitled to reckon as pensionable service a period equal to the period that would enable the fire authority to pay a transfer value, calculated on the cash equivalent basis, of the same amount as the one received.

(2)

In calculating the period any sum representing interest that is included in the transfer value received is not to be taken into account.

6

(1)

Where article 52B(4)(b) applies and the transfer value was received from the person responsible for the management of a personal pension scheme or an approved scheme which is not a club scheme, the fireman is entitled to reckon as pensionable service the period specified in sub-paragraph (2).

(2)

The period is —

$$\genfrac{}{}{0.1ex}{}{\mathrm{A}+\mathrm{B}+\mathrm{C}}{\mathrm{D}+\mathrm{E}}\text{years,}$$

where —

1. A

   is the amount of the transfer value divided by the market level indicator for the month in which the material date occurred,

2. B

   is any amount in respect of graduated National Insurance modification notified by the person paying the transfer value,

3. C

   is 52 times the amount in respect of the fireman’s guaranteed minimum multiplied by the minimum pension factor,

4. D

   is 1/45th of the rate of his annual pensionable pay at the material date multiplied by the pension factor, and

5. E

   is 1/90th of the rate of his annual pensionable pay at the material date multiplied by the widow’s or widower’s pension factor.

(3)

The market level indicator for a month is to be ascertained from tables provided by the Government Actuary by reference to —

(a)

the person’s age at the material date, and

(b)

the average gross redemption yield on the first working day of the month, ascertained from the FT-Actuaries Share Indices published in the Financial Times newspaper, on British Government index-linked stocks redeemable after 5 years or more, assuming inflation at 5 per cent (interpolating where that yield is not an integral percentage).

(4)

The amount in respect of the fireman’s guaranteed minimum is F + G, where —

F

is so much of his guaranteed minimum as is attributable to service before 6th April 1988, and

G

is half of so much of it as is attributable to service after 5th April 1988.

(5)

The material date —

(a)

if the transfer value was received within 12 months after the date on which the person became a regular fireman, is that date, and

(b)

in any other case, is the date on which the transfer value was received.

(6)

The factors are to be ascertained from tables provided by the Government Actuary by reference to the person’s age on the material date.”.