PART 2BENEFITS FOR OFFICERS
CHAPTER 1INTRODUCTION
Reckonable pay
Restriction on pensionable pay used for calculating benefits in respect of capped transferred-in service17
1
This regulation applies for determining the amount of a member's pensionable pay for the purposes of calculating so much of any benefit under F1this Section of the Scheme as falls to be calculated by reference to capped transferred-in service.
2
If a member's pensionable pay exceeds the permitted maximum, the excess is disregarded for the purposes of any such calculation as is mentioned in paragraph (1).
3
In this regulation “permitted maximum” means—
a
in relation to the tax year 2008-09, £117,600, and
b
in relation to any later tax year, the figure found for that year under paragraphs (5) and (6).
4
If the retail prices index for the month of September preceding the tax year 2009-10 or any later tax year is higher than it was for the previous September, the figure for that year is an amount arrived at by—
a
increasing the figure for the previous tax year by the same percentage as the percentage increase in the retail prices index, and
b
if the result is not a multiple of £600, rounding it up to the nearest amount which is such a multiple.
5
If the retail prices index for the month of September preceding the tax year 2009-10 or any later tax year is not higher than it was for the previous September, the figure for that year is the same as for the previous tax year.
6
In this regulation—
a
“capped transferred-in service” has the meaning given by regulation 104; and
b
“pensionable pay” has the meaning given by regulation 13.