The Health and Social Care Pension Scheme Regulations (Northern Ireland) 2015

Meaning of “leaver index adjustment”N.I.

This section has no associated Explanatory Memorandum

3.—(1) The leaver index adjustment for an amount of accrued earned pension other than an amount of club transfer accrued earned pension is an amount calculated as follows— Step 1 Add 1.5 to the percentage increase or decrease in prices specified in an order [F1(in respect of the HSC Pension Scheme 2015)] made by the Department of Finance F2... under section 9(2) of the 2014 Act in relation to the leaving year. Step 2 Multiply the result at Step 1 by

where—

A 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

B is 12.

The resulting percentage is the leaver index percentage. Step 3 Multiply the amount of accrued earned pension by the leaver index percentage. The resulting amount is the leaver index adjustment.

[F3(2) Subject to sub-paragraph (2A), the leaver index adjustment for an amount of club transfer accrued earned pension is—

(a)equal to the adjustment that would apply under the sending scheme to an amount of accrued earned pension equal to the amount of club transfer accrued earned pension specified in the active member’s account at the end of the relevant last day; and

(b)applied to the amount of club transfer earned pension at the end of the relevant last day on the same day as the percentage increase or decrease referred to in the definition of index adjustment in paragraph 1(a).]

[F4(2A) If the amount of the leaver index adjustment under sub-paragraph (1) or (2) is an amount that is less than zero, the amount of the leaver index adjustment for the purposes of that sub-paragraph paragraphs is zero.]

(3) In this paragraph, “complete month” includes an incomplete month that consists of at least 16 days.

Textual Amendments