The Teachers’ Pensions (Miscellaneous Amendments) Regulations 2011

Election to receive additional pension with phased retirement pension

6.—(1) Regulation 73 is amended as follows.

(2) For paragraph (7), substitute—

“(7) The factor is—

(a) in relation to an election made under paragraph 2 of Schedule 4 on or before 22nd June 2010, (RPI1/RPI2)/X, where—

(i) RPI1 is the retail prices index for the penultimate month before the month which includes the day before the entitlement day,

(ii) RPI2 is the retail prices index for the month which includes the start date, and

(iii) X is A/B, or 1 if greater, where—

(aa) A is the amount to which the AP credited amount is increased under PIA 1971 between the AP deemed date and the entitlement day, and

(bb) B is the AP credited amount; or

(b) in relation to an election made under paragraph 2 of Schedule 4 after 22nd June 2010, (CPI1/CPI2)/X, where—

(i) CPI1 is the consumer prices index for the penultimate month before the month which includes the day before the entitlement day,

(ii) CPI2 is the consumer prices index for the month which includes the start date, and

(iii) X is A/B, or 1 if greater, where—

(aa) A is the amount to which the AP credited amount is increased under PIA 1971 between the AP deemed date and the entitlement day, and

(bb) B is the AP credited amount.”.

(3) In paragraph (9), before “AP election” insert—

““AP credited amount” means the amount with which P is credited under Schedule 4 in respect of the AP election;

“AP deemed date” means the day on which the additional pension is deemed to begin for the purposes of PIA 1971 (see section 8(2) of that Act);”.