Regulation 5 Pension on early retirement

in paragraph (2) for “(13)” there shall be substituted “(14)”;

in paragraph (8) there shall be added after “within paragraph (6)(a) “and, where applicable, paragraph (13)”;

there shall be added after paragraph (13)—

“(14)

Where this paragraph applies the annual rate of a person’s retirement pension shall be the annual rate calculated in accordance with the foregoing provisions of this regulation of the retirement pension to which he would be entitled apart from this paragraph and ignoring the effect of regulation E10 (national insurance modification of pensions) multiplied by the appropriate factor.

(15)

(a)

Subject to sub-paragraph (b), paragraph (14) applies in Case F, as described in regulation E4(7), where a person has ceased to be in employment as there described on or after 30th April 2010;

(b)

paragraph (14) shall not apply so as to reduce the annual equivalent of a person’s guaranteed minimum pension together with that of any equivalent pension benefits where that is the annual rate of his retirement pension in accordance with paragraph (8).

(16)

For the avoidance of doubt, in regulations E7 to E9 references to “retirement benefits” and “retirement pension” are references to such benefits as calculated before any actuarial reduction required by paragraph (14).”.