Pensions Act 2008

11 For paragraph 21(2)(b) and (c) substitute—

“(c) for paragraph 15(5) substitute—

“(5) Subject to sub-paragraph (5A), for the purposes of this paragraph and paragraphs 16 and 17, “the accrued amount” means the amount equal to the initial annual rate of the pension which, under the admissible rules, the deferred member is entitled to receive at normal benefit age by virtue of his pension credit rights.

(5A) For the purposes of calculating the amounts mentioned in sub-paragraph (4)(b) and (c), the accrued amount is to be treated as reduced by such amount as is not attributable to rights of the deferred member that involve the member being credited by the scheme with notional pensionable service.”,

(ca) in paragraph 16(2)(a) before “pensionable service” insert “notional”,

(cb) in paragraph 17(2)(b) the reference to normal pension age is to be read as a reference to normal benefit age,

(cc) in paragraph 17(6) omit “, “the accrued amount””.”