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39A.—(1) The requirement relating to a sum of money which a scheme referred to in section 23(2)((test scheme) must satisfy if it is to be a test scheme is specified in—
(a)paragraph (4) in the case of a scheme described in paragraph (2), or
(b)paragraph (5) in the case of any other scheme to which section 23(2)(b) applies.
(2) A scheme referred to in paragraph (1)(a) is a scheme under which the sum of money to be made available for the provision of benefits is determined by reference to final pensionable pay.
(3) For the purposes of paragraph (2), “final pensionable pay” has the same meaning as in the rules of the scheme in question.
(4) Where this paragraph applies, the requirement in question is that the sum of money to be made available for the provision of benefits to a member must—
(a)accrue at an annual rate of at least 16% of average qualifying earnings in the last 3 tax years preceding the end of pensionable service, and
(b)be multiplied by the number of years of pensionable service up to a maximum of 40 years.
(5) Where this paragraph applies, the requirement in question is the requirement specified in paragraph (6) or (7).
(6) The requirement is that the sum of money must accrue at an annual rate of at least 16% of average qualifying earnings multiplied by the number of years of pensionable service up to a maximum of 40 years.
(7) The requirement is that the sum of money must—
(a)accrue at an annual rate of at least 8% of average qualifying earnings, and
(b)until the date on which the member attains the appropriate age, be increased as a minimum by 3.5% per annum, in addition to any increase that is required by virtue of regulation 37(2)(a).
(8) Where the employer makes a choice under paragraph (5) as to the requirement to be satisfied for the purposes of this regulation, that requirement must be satisfied in relation to all persons who are relevant members as defined by section 22(2) (test scheme standard).]
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