Regulation 4L Statutory underpin: calculation of final underpin amountF1C1
An eligible member’s final underpin amount is calculated by adjusting their provisional underpin amount at the eligible member’s final underpin date in accordance with this regulation.
Add any amount by which the provisional underpin amount would be increased if it were a pension to which the Pensions (Increase) Act 1971f1 applied, which relates to the period—
beginning with the day after the day on which the period used for the purposes of calculating the eligible member’s final pay under regulations 8 to 11 of the Benefits Regulations ends; and
ending with the eligible member’s final underpin date.
Where an eligible member first receives payment of their retirement pension after the day on which they attain the age of 65, apply an enhancement calculated in accordance with actuarial guidance issued by the Secretary of State.
Where—
regulation 30(5) (pension taken earlier than normal pension age) or (6) (pension by virtue of flexible retirement) of the 2013 Regulations applies to an eligible member); and
the eligible member has not attained the age of 65,
apply an adjustment calculated in accordance with actuarial guidance issued by the Secretary of State.
Where paragraph (4) applies, the reduction is also to reflect such transitional provisions under Schedule 2 as apply (if any).
This regulation is subject to regulation 4N (statutory underpin: effect of uplift of Tier 3 benefits to Tier 2 benefits).
Annotations
Textual amendments
- F1
Regs. 4A-4V inserted (1.10.2023) by The Local Government Pension Scheme (Amendment) (No. 3) Regulations 2023 (S.I. 2023/972), regs. 1(2), 2(4)
Modifications
- C1
Regs. 4A-4V restricted (14.7.2026 for the tax year 2014-15 and subsequent tax years) by The Public Service Pension Schemes (Rectification of Unlawful Discrimination) (Tax) Regulations 2026 (S.I. 2026/673), regs. 1(2)(5), 15
Footnotes
- f1
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Paragraph (4) was substituted by S.I. 2011/561.