Regulation 47 Annual rate of full retirement pension (active members)I1

United Kingdom

(1)

This regulation applies when an active member of this scheme becomes entitled to the immediate payment of a full retirement pension in respect of a particular office.

(2)

The annual rate of a full retirement pension payable to the member is calculated by—

(a)

taking the amount of that full retirement pension specified in the full retirement account;

(b)

subtracting the early payment reduction (if any) specified in that account in relation to that amount;

(c)

subtracting the commutation amount (if any) specified in that account in relation to that amount; and

(d)

subtracting the total allocation amount (if any) specified in that account in relation to that amount.

(3)

Where a member holds multiple accounts in respect of multiple assignments within the First-tier Tribunal or the Upper Tribunal, paragraph (2) applies in respect of each account held.

Annotations

Commencement

I1: Reg. 47 in force at 1.4.2022, see reg. 1(4)