Regulation 85 Annual rate of pension credit member’s pensionI1
United Kingdom
(1)
The annual rate of a pension credit member’s pension is calculated by—
(a)
taking the amount of credited pension specified in the pension credit member’s account;
(b)
subtracting the early payment reduction (if any) specified in that account in relation to that amount; and
(c)
subtracting the commutation amount (if any) specified in that account in relation to that amount.
(2)
If a member opts to buy out the early payment reduction, as provided for by regulation 86, the annual rate of pension is calculated without subtracting the early payment reduction.