Regulation 19 Calculation of annual compensationI1

Subject to regulations 27 and 28, the rate of annual compensation payable to a member of the existing scheme is calculated in accordance with the formula—

$$A\times B/C$$

where A is the member’s period of credited service, B is the member’s average salary and C is the accrual rate used to determine the annual rate of the member’s premature retirement pension.

Subject to regulations 27 and 28, the rate of annual compensation payable to a member of the 2015 scheme, including a transition member, is calculated in accordance with the formula—

$$D\times E/57$$

where D is the member’s salary on the material date or, if the member was not a full time employee on the material date, the salary that would have been payable had the member been a full time employee on the material date and E is the period of credited service under regulation 17.