Section 29 Calculation of “retirement index adjustment”

(1)

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

amount of accrued pension Χ retirement index percentage

where—

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

“retirement index percentage” means the retirement index percentage calculated under paragraph (2) for that description of accrued pension.

(2)

The retirement index percentage is—

A \times \frac{B}{12}

where—

A means the in-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.