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Regulation 2.7 Maximum benefits for members falling within regulation 2.2(1)(a)

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

(1)

The aggregated retirement benefit shall not exceed the figure equal to the lesser of —

(a)

the amount referred to in paragraph (2)(a), (b) or (c) as appropriate; and

(b)

the greater of —

(i)

2/3rds of the member’s pensionable pay less retained benefits; and

(ii)

1/60th of the member’s pensionable pay for each year of service up to a maximum of 40 years.

(2)

The amount referred to in paragraph (1)(a) shall be —

(a)

where the member retires between the ages of 50 and 75 (except where he retires before the age of 65 on the ground of ill health), 1/30th of the member’s pensionable pay for each year of service up to a maximum of 20 years;

(b)

where the member retires before the age of 65 on the ground of ill health, 1/30th of the member’s pensionable pay for each year of service that would have been completed had the member worked until the age of 65 up to a maximum of 20 years;

(c)

where the member leaves the scheme before the age of 65 on any other grounds, an amount calculated in accordance with the formula

M×NNS

where —

  1. (i)

    M is the maximum pension which would have been available to the member at age 65;

  2. (ii)

    N is the number of years and days of service (expressed in years and fractions of years as appropriate) in the Part 1 scheme completed at the date the member leaves the scheme; and

  3. (iii)

    NS is the number of years and days of service (expressed in years and fractions of years as appropriate) in the Part 1 scheme which the member would have completed had he remained in service until the age of 65.