Regulation 15 Section 19 scheme: Calculation of pension credit

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

reg. 15(1)(c) words inserted by Civil Partnership (Judicial Pensions and Church Pensions, etc.) 2005 Sch. 4 para. 9(2)(a)
reg. 15(1)(c)(i) words inserted by Civil Partnership (Judicial Pensions and Church Pensions, etc.) 2005 Sch. 4 para. 9(2)(b)
reg. 15(1)(c)(ii) words substituted by Civil Partnership (Judicial Pensions and Church Pensions, etc.) 2005 Sch. 4 para. 9(2)(c)
reg. 15(3) words inserted by Civil Partnership (Judicial Pensions and Church Pensions, etc.) 2005 Sch. 4 para. 9(3)

(1)

The pension credit to be made in respect of a transfer into the section 19 scheme shall be calculated in accordance with the formula —

\frac{TP / MLA}{PP + 2¼ \times LL + ½ \times SF}

where —

(a)

PP is the pension factor set out in Table 6 applicable to the member’s age last birthday as at the relevant date;
(b)

LL is the lump sum factor set out in Table 6 applicable to the member’s age last birthday as at the relevant date;
(c)
SF is the spouse’s factor applicable to the member’s age last birthday as at the relevant date set out under the heading—
1. (i)
  
  WMM in Table 6 where the member is married at the relevant date; and
2. (ii)
  
  WSS in Table 6 where the member is unmarried at the relevant date.
(d)

TP is the transfer payment from a source other than a scheme referred to in regulation 5(a) from which the member is transferring.

(2)

The lump sum credit shall be ¼ × pension credit.

(3)

The spouse’s pension credit shall be ½ × pension credit.

(4)

The children’s pension credit shall bear the same proportion to the pension credit as the children’s pensions bear to the deceased’s judicial pension under section 8 of the 1993 Act.