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Regulation 46 Calculation of “retirement index adjustment”

(1)

The retirement index adjustment for an amount of accrued earned pension is—

amount of accrued earned pension

  • where—

  • “amount of accrued earned pension” means an amount of any description of accrued earned pension; and

  • “retirement index percentage” means the retirement index percentage calculated under paragraph (2) for that description of accrued earned pension.

(2)

The retirement index percentage is—

A × B 12

  • where—

  • A means—

    1. (a)

      for accrued club transfer earned pension, the in-service revaluation index that applies in relation to the sending scheme for the leaving year; and

    2. (b)

      for accrued standard earned pension, the in-service revaluation index that applies in relation to this scheme for the leaving year;

  • B is the number of complete months in the period between the beginning of the leaving year and the end of the last day of pensionable service; and

  • “complete month” includes an incomplete month that consists of at least 16 days.