Regulation 10 Rounding

This regulation applies where F1the final salary method, within the meaning of paragraph 1 of Schedule 3 to the Act applies to a benefit under the scheme and the scheme provides that, in calculating the amount of that benefit, a member’s pensionable service is to be calculated in whole months.

Paragraph 1 of Schedule 3 to the Act is modified so that the scheme may provide for the pensionable service referred to in sub-paragraph (1) of that paragraph to be calculated to the nearest, next highest or next lowest whole month. Where a scheme provides for rounding as described in this paragraph it must provide for all pensionable service there referred to to be rounded in the same way.