Regulation 60 Exercise of partial retirement optionI1
United Kingdom
This regulation applies if—
a person (P) is an active member of this scheme in relation to a continuous period of pensionable service;
P has reached normal minimum pension age;
the terms of P’s appointment have changed and as a result of that change the F1amount of P’s pensionable earnings is reduced to 80% of their amount before the change or less; and
P would be entitled to the immediate payment of a full retirement pension in relation to that period of service if P left pensionable service and claimed payment of the pension.
P may opt to continue in pensionable service but claim payment of the whole or part only of P’s accrued pensions F2in respect of a particular office for the continuous period of pensionable service before P’s pensionable earnings were reduced (“partial retirement option”).
P may not exercise a partial retirement option more than once in relation to a description of accrued pension.
Where P holds more than one judicial office—
P may exercise a partial retirement option separately in relation to each office held; and
P may only access the pension accrued in relation to the particular office or offices in respect of which P is exercising the partial retirement option.
For the purposes of calculating P’s annual pensionable earnings in relation to paragraph (1)(c) where P is a fee-paid office holder, the amount of pensionable earnings that P receives in respect of a particular office is calculated as follows—
Z per annum, where:
where—
J means the total fee-paid income in respect of that office over the preceding three years, or, if less than three years, over the period since P was first appointed to that office;
K means the lesser of—
- (a)
3; or
- (b)
the period in years (and a fraction of a year, determined by complete months) from the first sitting day in that particular office until the date of partial retirement,
“complete month” includes an incomplete month that consists of at least 16 days; and
Z means the annualised total of fees from that particular office.
Where P holds multiple assignments within the First-tier Tribunal or the Upper Tribunal—
the reduction in earnings in paragraph (1)(c) refers to service in each chamber of the relevant tribunal; and
in paragraph (5) references to an office are to be taken as references to an assignment to a tribunal chamber.
Annotations
Textual amendments
- F1
Word in reg. 60(1)(c) substituted (1.4.2022) by The Judicial Pensions Regulations 2022 (S.I. 2022/319), reg. 1(4), Sch. 3 para. 4(8)(a) (with reg. 120)
- F2
Words in reg. 60(2) inserted (1.4.2022) by The Judicial Pensions Regulations 2022 (S.I. 2022/319), reg. 1(4), Sch. 3 para. 4(8)(b) (with reg. 120)
- F3
Reg. 60(4)-(6) inserted (1.4.2022) by The Judicial Pensions Regulations 2022 (S.I. 2022/319), reg. 1(4), Sch. 3 para. 4(8)(c) (with reg. 120)