# The Teachers’ Pensions etc. (Reform Amendments) Regulations 2006, Paragraph 18: Maximum amount of increased pension


Where the election is the first election made by, or in respect of, a person the maximum amount of increased retirement pension that may be specified in the election is—
(a) where the election is made in the financial year starting on 1st January 2007 and ending on 31st March 2008, £5000,
(b) where the election is made in any subsequent financial year, AxRI/RE rounded to the nearest £100 where—
A is the maximum amount of increased retirement pension for the financial year before the financial year in which the election is made (whether determined under this paragraph or under paragraph 19),
RI is the retail prices index for the month of February in the financial year before the financial year in which the election is made, and
RE is the retail prices index for the month of February in the second financial year before the financial year in which the election is made (or the index for January 2007 where the financial year before the financial year in which the election is made is the period starting on 1st January 2007 and ending on 31st March 2008).

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Source: https://www.legislation.gov.uk/uksi/2006/3122/schedule/4/paragraph/18 (the official version)
Page: https://openlegislation.uk/teachers-pensions-etc-reform-amendments-regulations-2006/schedule-4/paragraph-18
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.