Paragraph 3 Meaning of “overall amount of extra pension”

England and Wales

(1)

The overall amount of extra pension is—

(a)

£6,500 for any financial year ending before 1st April 2016; and

(b)

for any financial year beginning on or after that date—

(i)

an amount determined by the Treasury for that financial year; or

(ii)

if the Treasury has not determined an amount for that financial year, the amount calculated under sub-paragraph (2).

(2)

If the Treasury has not determined an amount under sub-paragraph (1)(b)(i) for any financial year, the overall amount for that financial year is the amount to which the annual rate of a pension of an amount equal to the overall amount for the previous financial year would have been increased under PIA 1971 F1rounded to the nearest £100, if—

(a)

that pension were eligible to be so increased; and

(b)

the beginning date for that pension were the first day of the previous financial year.

Annotations

Textual amendments

F1: Words in Sch. 2 para. 3(2) inserted (1.4.2015) by The Teachers Pension Scheme (Amendment) Regulations 2014 (S.I. 2014/2652), regs. 1, 30