Regulation 16 Modification of admissible rules
For the purposes of paragraph 20(4) of Schedule 7 to the Act (calculation of amount of compensation in accordance with admissible rules in respect of scheme right to transfer payment or contribution refund) where the Board is satisfied that it is not possible to apply the admissible rules in order to calculate the amount of the protected transfer payment or protected contribution repayment the Board shall apply the admissible rules as if they included—
the formula in paragraph (2) in order to calculate the amount of the protected transfer payment; or
the provision specified in paragraph (4) in order to calculate the amount of the protected contribution repayment.
Subject to paragraph (3), the formula referred to in paragraph (1)(a) is—
where—
a AR is the person's annual accrual rate in respect of the value of benefits accrued to him under the scheme rules;
b PE is the person's annual pensionable earnings in respect of the value of benefits accrued to him under the scheme rules; and
c PS is the person's pensionable service in respect of the value of benefits accrued to him under the scheme rules in years (including any fraction of a year).
In any case where the Board is satisfied that it is not possible to identify one or more of the elements of the formula in paragraph (2), the Board may, having regard to the admissible rules, determine how the protected transfer payment is to be calculated.
The provision specified in this paragraph is that the protected contribution repayment shall be calculated by reference to the amount of contributions actually made by the person or on his behalf to the scheme.