Regulation 6 Annuity value for persons whose F.S.S.U. service ended not later than the coming into operation of these Regulations

There shall be ascribed to every person to whom these Regulations apply and whose period of F.S.S.U. service ended not later than the coming into operation of these Regulations an annuity value calculated in accordance with the following provisions of this Regulation.

Where a person's qualifying date is not later than the date of the coming into operation of these Regulations, his annuity value shall be taken to be the annuity which could be purchased, at the appropriate rate given in Schedule 3 to these Regulations for his qualifying date and for his age on that date, with a capital sum calculated in accordance with paragraphs (4) to (6) below.

Where a person's qualifying date is later than the date of the coming into operation of these Regulations, his annuity value shall be taken to be the annuity which could be purchased at the rates offered at his qualifying date by the insurance companies with which the insurance policies held on his behalf under an F.S.S.U. scheme are affected, with a capital sum calculated in accordance with paragraphs (4) to (6) below.

For the purpose of calculating a person's annuity value in accordance with paragraph (2) or (3) above, the capital sum shall, subject to paragraphs (5) and (6) below, be taken to be—

and, in a case where a person's period of F.S.S.U. service ended before he attained the age of sixty years, there shall be added to any capital sum determined in accordance with (b), (c) or (d) above compound interest at four per cent. per annum calculated with annual rests for the period beginning immediately after the end of his period of F.S.S.U. service and ending with his qualifying date.

In determining the capital sum in accordance with paragraph (4)(a), (b) or (c)(i) above, there shall be left out of account any sum which is not attributable to the person's period of F.S.S.U. service.

Where a person has made a payment in consideration of a period of service forming part of his period of F.S.S.U. service being treated as reckonable service for the purposes of the Superannuation Acts or the civil service pension scheme, the capital sum determined in accordance with paragraph (4) above shall be reduced by the amount of the payment.

For the purpose of paragraph (4)(c)(ii) or (4)(d) above, “accumulated contributions” means, in relation to any person, the total sum which would have accumulated at the end of his period of F.S.S.U. service if, in respect of each year of his period of F.S.S.U. service and any uncompleted part of a year at the end of such period, a sum equal to fifteen per cent. of the annual rate of the salary to which he was entitled at the beginning of such year (or, in the case of any such uncompleted part of a year, fifteen per cent. of the proportionate part of such annual rate) had been accumulated with compound interest at four per cent. per annum with yearly rests from the beginning of such year or uncompleted part of a year until the end of his period of F.S.S.U. service:

Provided that where a person's period of F.S.S.U. service includes a period of service in respect of which a transfer value has been paid, and any such service was, for the purpose of calculating the amount of the transfer value, taken into account at a fraction of its actual length, then in respect of the service so taken into account the percentage of the annual rate of his salary to be used in calculating his accumulated contributions shall, instead of fifteen per cent., be the appropriate fraction of fifteen per cent.

In the table in Schedule 3 to these Regulations—