PART 5Pension accounts

CHAPTER 2Calculation of adjustments

Calculation of “retirement index adjustment”29.

(1)

The retirement index adjustment for an amount of accrued pension is—

amount of accrued pension  Χ retirement index percentagemath

where—

  • “amount of accrued pension” means an amount of any description of accrued pension; and

  • “retirement index percentage” means the retirement index percentage calculated under paragraph (2) for that description of accrued pension.

(2)

The retirement index percentage is—

A×B12math

where—

  • A means the in-service revaluation index 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.