Regulation 74 Meaning of “actuarial adjustment”F1

(1)

In these Regulations, “actuarial adjustment” means the actuarial adjustment that is applied when calculating the annual rate of pension payable to—

(a)

a member who, on the entitlement day for a pension other than an age retirement pension or an ill-health pension, has not reached normal pension age; or

(b)

an active member or a deferred member who becomes a pensioner member after reaching normal pension age.

(2)

In the case of an actuarial adjustment applied under paragraph (1)(b)—

(a)

the actuarial adjustment only relates to a period of pensionable service of the active member or the deferred member after reaching normal pension age; and

(b)

the actuarial adjustment must only be applied to the accrued earned pension of the active member or the deferred member that accrued before reaching normal pension age.

Annotations

Textual amendments

F1: Reg. 74 substituted (30.11.2017) by The Teachers Pensions Schemes (Miscellaneous Amendments) Regulations 2017 (S.I. 2017/1084), regs. 1, 9