Regulation 40 Calculation of Transfer Values

In paragraph 1 of Part I of Schedule 16 to the principal Regulations there shall be inserted after “J3(1),” the word “or” and after “J14” the words “or Q2” shall be deleted.

In Part II of Schedule 16, for paragraphs 2 and 3, there shall be substituted the following paragraph:–

“2

For the purposes of paragraph 1, the annual rate of a person’s pensionable remuneration shall be ascertained in accordance with the provisions of paragraphs 4 and 5 of Part III of this Schedule.”.

After Part II of that Schedule there shall be inserted the Part III set out in the Schedule to these Regulations.