Regulation 32 Calculation of “retirement index adjustment”I1

F1Subject to regulation 32A, the retirement index adjustment for an amount of accrued pension is—

• amount of accrued pension × retirement index percentage

  where—

• “amount of accrued 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 pension.

The retirement index percentage is—

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 any other description of accrued 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 relevant last day; and

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