PART 5Pension accounts

CHAPTER 2Calculation of adjustments

Calculation of “retirement index adjustment”43

1

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

amount of accrued earning pension × retirement index pensionmath

where—

“amount of accrued earned 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 earned pension.

2

The retirement index percentage is—

A × B 12math

where—

A means—

  1. i

    for accrued club transfer earned pension, the in-service revaluation index that applies in relation to the sending scheme for the leaving year; and

  2. ii

    for accrued standard earned pension, 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 last day of pensionable service; and

“complete month” includes an incomplete month that consists of at least 16 days.