Regulation 10 Calculation of annual compensationI1
England and Wales
Subject to paragraph 2, a person (P)’s rate of annual compensation under regulation 9(1) is—
if P was accruing pensionable service under the 2010 Regulations immediately before the termination of P’s employment, the difference between—
the annual rate of P’s retirement pension calculated in accordance with regulation 61(5) of the 2010 Regulations or, if higher, the annual rate calculated in accordance with regulation 70(2) of those Regulations; and
the annual rate of P’s retirement pension calculated in accordance with regulation 61(6) or (7) of those Regulations, whichever is applicable;
if P was accruing pensionable service under the 2014 Regulations immediately before the termination of P’s employment, the total amount of any standard reduction and actuarial adjustment to which the annual rate of P’s retirement pension is subject in accordance with regulation 102(b) of the 2014 Regulations.
If a person (P) in receipt of annual compensation under regulation 9(1) attains state pension age and the annual rate of P’s retirement pension under the 2010 Regulations is increased by virtue of regulation 120 of those regulations then from the date on which P attained state pension age P’s annual compensation under paragraph (1) is to be reduced by the difference between—
the annual rate of P’s retirement pension calculated subject to regulation 120 of the 2010 Regulations; and
the annual rate of P’s retirement pension calculated without reference to that regulation.
Annotations
Commencement
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Reg. 10 in force at 1.4.2015, see reg. 1