The Teachers' Pension Scheme Regulations 2014

Meaning of “leaver index adjustment”E+W

This adran has no associated Memorandwm Esboniadol

44.—(1) The leaver index adjustment for an amount of accrued earned pension other than an amount of club transfer accrued earned pension is an amount calculated as follows—

  • Step 1

  • Add 1.6 to the percentage increase or decrease in prices specified in the Treasury order in relation to the leaving year.

  • Step 2

  • Multiply the result at Step 1 by A/B

  • where—

    • A is the number of complete months in the period between the beginning of the leaving year and the end of the relevant last day; and

    • B is 12.

  • The resulting percentage is the leaver index percentage.

  • Step 3

  • Multiply the amount of accrued earned pension by the leaver index percentage.

  • The resulting amount is the leaver index adjustment.

(2) The leaver index adjustment for an amount of club transfer accrued earned pension is the adjustment that would apply under the sending scheme to an amount of accrued earned pension equal to the amount of club transfer accrued earned pension specified in the active member's account at the end of the relevant last day.

(3) In this regulation, “complete month” includes an incomplete month that consists of at least 16 days.