Regulation 21 Calculation of “retirement index adjustment”I1

The retirement index adjustment for an amount of accrued pension is—

• where—

  • “amount of accrued pension” means an amount of any description of accrued pension;

  • “retirement index percentage” means the retirement index percentage calculated under paragraph (2).

The retirement index percentage is—

where—

• A means the F2in-service revaluation index that applies in relation to this scheme for the leaving year;

• B is the number of complete months in the period between the beginning of the leaving year and the end of the relevant last day; and

• “complete month” includes an incomplete month that consists of at least 16 days.

In paragraph (2), “in-service revaluation index”, in relation to a pension scheme, means the percentage increase or decrease by which the pensionable earnings of a person, or a proportion of those earnings accrued as a pension, are revalued whilst the person is in pensionable service in that pension scheme.