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The Judicial Pensions (Fee-Paid Judges) Regulations 2017
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- UK Statutory Instruments
- 2017 No. 522
- PART14B
- Regulation 128R
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[F1Conversion of added years into added units of benefitU.K.
This section has no associated Explanatory Memorandum
128R.—(1) Paragraphs (2) to (4) apply if, by virtue of Part 2A, a member who has purchased added years no longer has any offices in which the member has eligible service between 31st March 1995 and 1st April 2006 for which benefits are to be calculated under the post-1995 provisions.
(2) For each office in relation to which the member purchased added years, the number of added years that the member has purchased are converted into added units of benefit using the following formula—
where—
A is the sum of contributions made (whether by lump sum or periodic contributions)
B is the total sum of contributions potentially payable by the member (whether by lump sum or periodic contributions) up to the assumed retirement age
C is the number of added years that the member has contracted to purchase in relation to the office
[F2D is the appropriate service credit figure, specified in Schedule 5, determined by reference to the age of the member at the member’s last birthday at:
(i)
retirement in respect of retired members; and
(ii)
the assumed retirement date under Part 13 in respect of unretired members;]
F3...
(3) The agreement with the member to purchase further added years in the FPJAYS is cancelled and the member becomes a member of the FPJABS.
(4) If the conversion under paragraph (2) would mean that the maximum number of added units of benefit that the member may purchase specified in regulation 128F would be exceeded, the conversion is limited to that maximum and the member is to be paid a refund in respect of any excess added years or parts thereof together with interest.]
Textual Amendments
F1Pts. 14A, 14B inserted (1.4.2023) by The Judicial Pensions (Fee-Paid Judges) (Amendment) Regulations 2023 (S.I. 2023/403), reg. 1(1), Sch.
F2Words in reg. 128R(2) substituted (17.12.2024) by The Judicial Pensions (Amendment) Regulations 2024 (S.I. 2024/1358), regs. 1(1), 33(a)
F3Words in reg. 128R(2) omitted (17.12.2024) by virtue of The Judicial Pensions (Amendment) Regulations 2024 (S.I. 2024/1358), regs. 1(1), 33(b)
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