# The Parliamentary Pensions (Additional Voluntary Contributions Scheme) Regulations 1993, Paragraph 2: Class A contributor


(1) On retirement at any time after age 50 except before normal retirement date on grounds of incapacity, a pension of 1/60th of final remuneration for each year of service (not exceeding 40 years) or, if greater,
the lesser of—
(a) 1/30th of final remuneration for each year of service (not exceeding 20 years); and
(b) 2/3rds of final remuneration minus the pension value of all retained benefits.
(2) On retirement before normal retirement date on grounds of incapacity an immediate pension in accordance with sub-paragraph (1) above on the basis of the number of years which would have counted as service had the contributor remained in service to the normal retirement date.
(3) On leaving pensionable service before the normal retirement date a deferred pension—
(a) for contributors who remain in service, of that proportion of the amount calculated in accordance with sub-paragraph (2) above that the number (not exceeding 40) of years of service completed before leaving pensionable service bears to the potential number (not exceeding 40) of years of service had the contributor remained in service to the normal retirement date; or
(b) for other contributors, of the amount calculated in accordance with sub-paragraph (1) above,
increased by up to 3 per cent for each complete year, or, if greater, in proportion to any increase in the index which has occurred during the period of deferment.
(4) Benefits for a Class A contributor are further restricted as necessary to ensure that the contributor’s total retirement benefit from the AVC scheme, from the principal scheme and from any free-standing additional voluntary contribution scheme does not exceed 1/30th of the permitted maximum for each year of service. For the purpose of this limit service is the aggregate of service provided that the total shall not exceed 20 years. The permitted maximum in this context is that for the year of assessment in which the benefits commence to be paid or, if earlier, are transferred out of the principal scheme. For the purpose of calculating the total retirement benefit the pension equivalent of benefit in any form other than pension is one twelfth of its cash value.

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Source: https://www.legislation.gov.uk/uksi/1993/3252/schedule/2/paragraph/2 (the official version)
Page: https://openlegislation.uk/parliamentary-pensions-additional-voluntary-contributions-scheme-regulations-1993/schedule-2/paragraph-2
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.