{
  "url": "https://openlegislation.uk/state-scheme-premiums-actuarial-tables-regulations-1987/regulation-10",
  "json_url": "https://openlegislation.uk/state-scheme-premiums-actuarial-tables-regulations-1987/regulation-10.json",
  "legislation": "uksi/1987/657",
  "legislation_title": "The State Scheme Premiums (Actuarial Tables) Regulations 1987",
  "legislation_url": "https://openlegislation.uk/state-scheme-premiums-actuarial-tables-regulations-1987",
  "path": "regulation/10",
  "kind": "regulation",
  "number": "10",
  "heading": "Market level indicators",
  "text": "(1) In these regulations “market level indicator”, “monthly market level indicator” and “average market level indicator” shall be construed in accordance with the provisions of this regulation.\n(2) “Market level indicator” means—\n(a) for the purpose of determining the amount of a premium in a case to which regulation 3, 4, 5 or 7(a) of these regulations applies, the sum of—\n(i) 312 divided by x, where x per cent is the gross dividend yield, and\n(ii) the 25-year index number; and\n(b) for the purpose of determining the amount of a premium in a case to which regulation 6 or 7(b) or (c) of these regulations applies, the 15-year index number.\n(3) “Monthly market level indicator”, in relation to any month, means the average of the market level indicators derived from the 15-year index numbers or (as the case may be) the 25-year index numbers and the gross dividend yields, appropriate to the first 5 days on which the London Stock Exchange was open in that month, rounded, if that average is not a whole number, to the nearest whole number, or to the nearest lower whole number where the decimal part of that average is 0.5.\n(4) “Average market level indicator” means the average, rounded, if it is not a whole number, in the manner described in paragraph (3) of this regulation, of the monthly market level indicators relating to all the months from April 1988 to the month preceding the month in which the event giving rise to the liability for the premium occurred (inclusive), or, in a case where that event occurred in April or May 1988, the monthly market level indicator relating to April 1988.",
  "extent": null,
  "status": null,
  "version": "current",
  "annotations": [],
  "outstanding_effects": [
    {
      "type": "amended",
      "affecting": "uksi/1991/429",
      "affecting_title": "The State Scheme Premiums (Actuarial Tables) Amendment Regulations 1991"
    }
  ],
  "provenance": {
    "source": "legislation.gov.uk",
    "source_url": "https://www.legislation.gov.uk/uksi/1987/657/regulation/10",
    "retrieved_at": "2026-10-29T16:28:20.641689+00:00"
  },
  "licence": "Open Government Licence v3.0",
  "licence_url": "https://www.nationalarchives.gov.uk/doc/open-government-licence/version/3/",
  "attribution": "Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives."
}