Regulation 6 Valuation of relevant rights: former schemes

Changes not yet applied. Later legislation changes this provision in ways not yet written into the text below:

reg.6(1)(a)(b) amended by Judicial Pensions (Contributions) 1995 reg.10
reg.6(4)(a)(b) amended by Judicial Pensions (Contributions) 1995 reg.11
reg.6(7) amended by Judicial Pensions (Contributions) 1995 reg.13
reg.6(1)(d) substituted by Judicial Pensions (Transfer Between Judicial Pension Schemes) 1998 reg.2

(1)

The value of a member’s relevant rights to be transferred from any former scheme into the Part I scheme shall be calculated in accordance with the formula A × B × (C/D) where—

(a)

A is the member’s length of service in qualifying judicial offices that were subject to the former scheme (expressed in years and days) excluding any period during which an election referred to in section 13(8) of the 1993 Act is in force;

(b)

B is the service multiplier appropriate to the member in respect of the former scheme;

(c)

C is the salary of the office that the member held while a member of the former scheme at the date of transfer from that former scheme to another former scheme or the last existing scheme as appropriate;

(d)

D is the salary of the office that the member held while a member of his last existing scheme at the date of transfer into the last existing scheme.

(2)

For the purposes of the calculation—

(a)

the number of days in A shall be expressed in decimal form to four decimal places by dividing them by 365; and

(b)

the decimal part of the product of A × B × (C/D) shall be converted back into days by multiplying it by 365.

(3)

Regulation 5(3) and (4) shall apply to the valuation of relevant rights in a former scheme as they apply to the valuation of relevant rights in the last existing scheme.