Regulation 7 Section 19 scheme: calculation of cash equivalents

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

reg. 7(1)(a) words inserted by Civil Partnership (Judicial Pensions and Church Pensions, etc.) 2005 Sch. 4 para. 7(2)(a)
reg. 7(1)(b) words substituted by Civil Partnership (Judicial Pensions and Church Pensions, etc.) 2005 Sch. 4 para. 7(2)(b)
reg. 7(2)(d) words inserted by Civil Partnership (Judicial Pensions and Church Pensions, etc.) 2005 Sch. 4 para. 7(3)

(1)

The cash equivalent of accrued benefits on a transfer out of the section 19 scheme shall be calculated in accordance with the formula —

(a)

MLA × (p × PP + l × LL + w × WMM) in respect of a qualifying member who is married at the date of leaving the section 19 scheme; or

(b)

MLA × (p × PP + l × LL) in respect of a qualifying member who is unmarried at the date of leaving the section 19 scheme.

(2)

For the purpose of the calculations in paragraph (1) —

(a)

p, l and w shall have the meanings given to them in regulation 6 except that references to the Part I scheme shall be taken to be references to the section 19 scheme;

(b)

PP is the pension factor set out in Table 4 applicable to the qualifying member’s age last birthday as at the relevant date;

(c)

LL is the lump sum factor set out in Table 4 applicable to the qualifying member’s age last birthday as at the relevant date; and

(d)

WMM is the spouse’s factor set out in Table 4 applicable to the qualifying member’s age last birthday as at the relevant date.