# The Teachers' Pension Scheme Regulations 2014, Regulation 73: Meaning of “standard reduction”


(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.
(2) The standard reduction is applied when calculating the annual rate of pension payable to a member (P) who—
(a) was an active member immediately before the entitlement day for a phased retirement pension, premature retirement pension or early retirement pension; and
(b) on the entitlement day for that pension—
(i) has reached normal minimum pension age; but
(ii) has not reached normal pension age.
(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.

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Source: https://www.legislation.gov.uk/uksi/2014/512/regulation/73 (the official version)
Page: https://openlegislation.uk/teachers-pension-scheme-regulations-2014/regulation-73
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.