{
  "url": "https://openlegislation.uk/teachers-pension-scheme-regulations-2014/regulation-73",
  "json_url": "https://openlegislation.uk/teachers-pension-scheme-regulations-2014/regulation-73.json",
  "legislation": "uksi/2014/512",
  "legislation_title": "The Teachers' Pension Scheme Regulations 2014",
  "legislation_url": "https://openlegislation.uk/teachers-pension-scheme-regulations-2014",
  "path": "regulation/73",
  "kind": "regulation",
  "number": "73",
  "heading": "Meaning of “standard reduction”",
  "text": "(1) The standard reduction is 3% and applies in relation to a maximum of 3 years between age 65 and a member's normal pension age.\n(2) The standard reduction is applied when calculating the annual rate of pension payable to a member (P) who—\n(a) was an active member immediately before the entitlement day for a phased retirement pension, premature retirement pension or early retirement pension; and\n(b) on the entitlement day for that pension—\n(i) has reached normal minimum pension age; but\n(ii) has not reached normal pension age.\n(3) If a retirement pension becomes payable to P on or after the date on which P reaches 65, the standard reduction applies in relation to a proportion, determined by the scheme manager, of the time left until P reaches normal pension age.",
  "extent": null,
  "status": null,
  "version": "current",
  "annotations": [],
  "outstanding_effects": [],
  "provenance": {
    "source": "legislation.gov.uk",
    "source_url": "https://www.legislation.gov.uk/uksi/2014/512/regulation/73",
    "retrieved_at": "2026-10-29T00:24:37.807691+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."
}