Regulation 96 Annual rate of phased retirement pension

The annual rate of phased retirement pension payable to a member (P) is found by—

(a)

taking the amount of phased retirement earned pension specified in P's pensioner member's account;

(b)

applying the standard reduction (if any) and the actuarial adjustment (if any) specified in that account in relation to that amount;

(c)

subtracting the conversion amount (if any) specified in that account in relation to that amount;

(d)

if P has applied to receive an additional pension with the phased retirement earned pension, adding the amount of phased retirement additional pension specified in that account;

(e)

applying the actuarial adjustment (if any) specified in that account in relation to that amount; and

(f)

subtracting the conversion amount (if any) specified in that account in relation to that amount.