Regulation 2.K.7 Treatment of 2008 Section Optants to whom regulation L4(3) of the 1995 Regulations applied immediately before 1st April 2008F1
This regulation applies to a 2008 Section Optant—
whose benefits on retirement or death would, but for this regulation, be calculated in accordance with Chapters 2.D and 2.E; and
who, but for joining this Section of the Scheme, would otherwise have been entitled to have benefits on retirement or death calculated in accordance with regulation L4(3) of the 1995 Regulations (early leavers returning to pensionable employment).
For the purpose of calculating the benefits on retirement or death of a 2008 Section Optant referred to in paragraph (1), the Optant may, where it would be more beneficial to the Optant, be treated—
as a deferred member of this Section of the Scheme in respect of any period of pensionable service credited to that Optant under regulation 2.K.3 that relates to one or more periods of pensionable employment in the 1995 Section that occurred before a break of 12 months or more in such employment (“an earlier service credit”), and
as if the Optant became an active member for the first time on the first day of any period of pensionable service credited to that Optant under regulation 2.K.3 that relates to a period of pensionable employment in the 1995 Section that occurred after a break of 12 months or more in such employment.
This is subject to paragraph (3).
The Optant’s benefits in respect of an earlier service credit mentioned in paragraph (2)(a) shall be calculated—
separately, and
by reference to the final year’s pensionable pay calculated in accordance with regulation C1 of the 1995 Regulations (meaning of pensionable pay and final year’s pensionable pay) in respect of that particular period.
This is subject to regulation 2.D.8(5)(b)(ii).