Section 60 Exercise of partial retirement option

This regulation applies if—

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—

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:

  $$Z=\frac{J}{K}$$

  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—

  1. (a)

     3; or

  2. (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.