Regulation 43 Calculation of “retirement index adjustment”

(1)

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

amount of accrued earning pension \times retirement index pension

where—

“amount of accrued earned pension” means an amount of any description of accrued 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 \times \frac{B}{12}

where—

A means—

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