Paragraph 3 Meaning of “leaver index adjustment”

Scotland

(1)

F1Subject to sub-paragraph (2A), the leaver index adjustment for an amount of accrued earned pension other than an amount of club transfer accrued earned pension is an amount calculated as follows— Step 1

Add 1.5 to the percentage increase or decrease in prices specified in an order F2(in respect of the NHS Pension Scheme (Scotland) 2015) made by the Treasury under section 9(2) of the 2013 Act in relation to the leaving year. Step 2

M u l t i p l y t h e r e s u l t a t S t e p 1 b y \frac{A}{B}

where—

A is the number of complete months in the period between the beginning of the leaving year and the end of the relevant last day; and

B is 12.

The resulting percentage is the leaver index percentage. Step 3

Multiply the amount of accrued earned pension by the leaver index percentage.

The resulting amount is the leaver index adjustment.

(F3 F42 )

Subject to sub-paragraph (2A), the leaver index adjustment for an amount of club transfer accrued earned pension is—

(a)

equal to the adjustment that would apply under the sending scheme to an amount of accrued earned pension equal to the amount of club transfer accrued earned pension specified in the active member’s account at the end of the relevant last day, and

(b)

applied to the amount of club transfer earned pension at the end of the relevant last day on the date that the order (in respect of the NHS Pension Scheme (Scotland) 2015) made by the Treasury under section 9(2) of the 2013 Act in relation to the previous scheme year, has effect.

F5(2A)

If the amount of the leaver index adjustment under sub-paragraphs (1) or (2) is an amount that is less than zero, the amount of the leaver index adjustment for the purposes of those paragraphs is zero.

F6(3)

In this paragraph, “complete month” includes an incomplete month that consists of at least 16 days.

Annotations

Textual amendments

F1: Words in sch. 7 para. 3(1) substituted (retrospective to 1.4.2015) by The National Health Service Pension Scheme (Scotland) (Miscellaneous Amendments) (No. 2) Regulations 2017 (S.S.I. 2017/433), regs. 1(2), 13(2)(b)
F2: Words in sch. 7 para. 3(1) inserted (with effect in accordance with reg. 1(4) of the amending S.S.I.) by The National Health Service Superannuation and Pension Schemes (Miscellaneous Amendment) (Scotland) Regulations 2024 (S.S.I. 2024/272), regs. 1(1), 55(3)(a)
F3: Sch. 7 para. 3(2) substituted (with effect in accordance with reg. 1(4) of the amending S.S.I.) by The National Health Service Superannuation and Pension Schemes (Miscellaneous Amendment) (Scotland) Regulations 2024 (S.S.I. 2024/272), regs. 1(1), 55(3)(b)
F4: Sch. 7 para. 3(1) renumbered as sch. 7 para. 3(2) (retrospective to 1.4.2015) by The National Health Service Pension Scheme (Scotland) (Miscellaneous Amendments) (No. 2) Regulations 2017 (S.S.I. 2017/433), regs. 1(2), 13(2)(a)
F5: Sch. 7 para. 3(2A) inserted (retrospective to 1.4.2015) by The National Health Service Pension Scheme (Scotland) (Miscellaneous Amendments) (No. 2) Regulations 2017 (S.S.I. 2017/433), regs. 1(2), 13(2)(c)
F6: Sch. 7 para. 3(2) renumbered as sch. 7 para. 3(3) (retrospective to 1.4.2015) by The National Health Service Pension Scheme (Scotland) (Miscellaneous Amendments) (No. 2) Regulations 2017 (S.S.I. 2017/433), regs. 1(2), 13(2)(a)