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39A.—(1) For the purposes of section 23(6) (test scheme), the requirement relating to the sum of money is specified in paragraph (2) in the case of a final salary lump sum test scheme and paragraph (3) in the case of an average salary lump sum test scheme.
(2) The requirement for a final salary lump sum test scheme is that the sum of money to be made available for the provision of benefits to a member amounts to 16% of final pensionable pay, multiplied by the number of years of pensionable service up to a maximum of 40 years.
(3) The requirement for an average salary lump sum test scheme is that either of the requirements specified in paragraph (4) or (5) is met.
(4) The requirement in this paragraph is that the sum of money to be made available for the provision of benefits to a member amounts to 16% of average annual qualifying earnings during pensionable service multiplied by the number of years of pensionable service up to a maximum of 40 years.
(5) The requirement in this paragraph is that the sum of money to be made available for the provision of benefits to a member amounts to the sum of—
(a)8% of average annual qualifying earnings during pensionable service multiplied by the number of years of pensionable service up to a maximum of 40 years, plus
(b)during any period in which a member is deferred, an amount equal to an annual increase on accrued rights at 3.5% above any increase that is required by virtue of regulation 37(2)(a).
(6) For the purposes of paragraphs (4) and (5), average annual qualifying earnings are to be calculated on the basis that each year’s qualifying earnings are revalued during pensionable service at—
(a)the minimum rate specified in regulation 36(4), where paragraph (4) applies, and
(b)3.5% above the minimum rate specified in regulation 36(4), where paragraph (5) applies.
(7) In this regulation—
“average salary lump sum test scheme” means a test scheme falling within section 23(2)(b) under which the sum of money is determined by reference to average qualifying earnings over the period of pensionable service;
“final pensionable pay” means average annual qualifying earnings in the last 3 tax years preceding the end of pensionable service;
“final salary lump sum test scheme” means a test scheme falling within section 23(2)(b) under which the sum of money is determined by reference to final pensionable pay.]
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