Regulation 128X Conversion of units of benefit into added yearsF1

This regulation applies if, as a result of one or more elections under regulation 11C, an FPJABS member who has purchased added units of benefit no longer has any offices for which benefits are to be calculated under the pre-1995 provisions.

The number of added units of benefit that the member has purchased are converted into added years using the following formula—F2

where—

• A is the sum of contributions made (whether by lump sum or periodic contributions)

• B is the total sum of contributions potentially payable by the member (whether by lump sum or periodic contributions) up to the assumed retirement age

• C is the number of added units of benefit that the member has contracted to purchase

• F3D is the appropriate service credit figure, specified in Schedule 5, determined by reference to the age of the member at the member’s last birthday at:

  1. (i)

     retirement in respect of retired members; and

  2. (ii)

     the assumed retirement date under Part 14A in respect of unretired members.

  F4...

The number of added years determined under paragraph (2) are to be allocated to the eligible fee-paid judicial offices held by the member for which benefits are calculated under the post-1995 provisions, in the same proportion as the member’s existing reckonable service in those offices.

The agreement with the member to purchase further added units of benefit in the FPJABS is cancelled and the member becomes a member of the FPJAYS.

If the conversion under paragraph (2) would mean that the maximum number of added years that an FPJAYS member may purchase specified in regulation 106(2) would be exceeded, the conversion is limited to that maximum and the member is entitled to a refund in respect of contributions for any excess added units of benefit together with interest.