The Judicial Pensions Regulations 2022

CHAPTER 1 Calculation of adjustments

Calculation of “retirement index adjustment”

21.—(1) The retirement index adjustment for an opening balance is—

(opening balance) x (retirement index percentage)

where “retirement index percentage” means the retirement index percentage calculated under paragraph (2).

(2) The retirement index percentage is—

where—

• A means the index adjustment that applies in relation to this scheme for the leaving year;

• B 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

• “complete month” includes an incomplete month that consists of at least 16 days.

Determination of “the age addition”

22.—(1) This regulation applies in relation to every scheme year in which an active member’s account is open that is subsequent to the scheme year in which the member reaches normal pension age under this scheme, other than—

(a) the scheme year in which the account is established under this Part; and

(b) the scheme year immediately following that.

(2) At the beginning of the scheme year the scheme manager having regard to actuarial guidance must determine the age addition to be awarded for that scheme year by reference to the opening balance of that account for the previous scheme year.

(3) In these Regulations, “the age addition” means an additional amount of pension determined by reference to the proportion of the previous scheme year in which a member had reached normal pension age under this scheme.

Determination of “the assumed age addition”

23.—(1) This regulation applies when a deferred member’s account, full retirement account or partial retirement account is established under this Part for a member who reaches normal pension age under this scheme at least one month before the relevant last day.

(2) For each description of accrued pension specified in the account, the scheme manager having regard to actuarial guidance must determine the assumed age addition to be awarded.

(3) In these Regulations, “the assumed age addition” means the age addition that would have been awarded for standard earned pension had the member not left pensionable service or not partially retired in the leaving year, determined by reference to the proportion of the leaving year for which the member was an active member of this scheme who had reached normal pension age under this scheme.