Regulation 4 Market Level Indicator

in the case of a member who has attained pensionable age or who attains that age in the relevant tax year or who is a surviving spouse member F1or surviving civil partner member, the index number shown in the second column of the Table in Schedule 2 opposite the range of yields shown in the first column of that Table in which falls the gross redemption yield compiled, on the effective date, by the Financial Times and the F2Institute and Faculty of Actuaries and Institute of Actuaries, F3applicable;

1. (i)

   where the effective date fell before 1st June 1999, to 15-year British Government Stocks with medium coupons, and

2. (ii)

   where the effective date falls on or after that date, to 15-year British Government Stocks;

in the case of a member (other than a surviving spouse member or surviving civil partner member) who attains an age in the relevant tax year which is 10 or more years below pensionable age, F43 per cent.. divided by x per cent. F5where—

1. (i)

   the effective date fell before 6th April 1999, x per cent. is the net dividend yield, and the effective date fell before 6th April 1999, x per cent. is the net dividend yield, and

2. (ii)

   if the effective date falls on or after that date, x per cent. is the actual dividend yield,

applicable on the effective date to the All Share Index compiled by the Financial Times and the Institute and Faculty of Actuaries and Institute of Actuaries;

in the case of a member (other than a surviving spouse member or surviving civil partner member) who attains an age in the relevant tax year which is less than 10 years below pensionable age, an average of the numbers derived from paragraphs (a) and (b) respectively, weighted according to the number of whole years remaining before the member attains that age, so that, for example

where—

1. (i)

   where the age attained in the relevant tax year is 5 years less than pensionable age, the market level indicator is the sum of one half of the number derived from paragraph (a) and one half of the number derived from paragraph (b); and

2. (ii)

   where the age attained in that tax year is one year less than pensionable age, the market level indicator is the sum of nine tenths of the number derived from paragraph (a) and one tenth of the number derived from paragraph (b).