Paragraph 4 I1

(1)

For the purposes of Step 2 of the calculation in paragraph 2, the weekly rate based on the new state pension is as follows.

(2)

If the person has 35 or more pre-commencement qualifying years, the rate is equal to—

(a)

the full rate of the state pension on 6 April 2016, less

(b)

any amount to reflect contracting out under the old system (see paragraph 5).

(3)

If the person has fewer than 35 pre-commencement qualifying years, the rate is equal to—

(a)

the appropriate proportion of the full rate of the state pension on 6 April 2016, less

(b)

any amount to reflect contracting out under the old system (see paragraph 5).

(4)

The “appropriate proportion”, in relation to a person, is—

\frac{1}{35} \times the person's number of pre-commencement qualifying years.

Annotations