37.—(1) This regulation applies to a 1995 officer transition member who is—
(a)a pensioner member of the new scheme to whom regulation 100(1) of the 2015 Regulations applies in respect of a pension under regulation 80 of those Regulations; and
(b)a pensioner member of the 1995 Section to whom regulation 85 of the 1995 Regulations applies in respect of a relevant pension referred to in paragraph (1A)(c)(i) of that regulation.
(2) Where this regulation applies, the pensions mentioned in paragraph (1)(a) and (b) must be reduced by the relevant amount.
(3) The “relevant amount” in paragraph (2) is the amount determined by multiplying the relevant proportion by amount E determined under paragraph (5).
(4) The “relevant proportion” in paragraph (3) is—
(a)in respect of the pension at paragraph (1)(a), represented by the fraction ; and
(b)in respect of the pension at paragraph (1)(b), represented by the fraction ,
where A and B have the meanings given in paragraph (5).
(5) Amount E is the amount by which the sum of amounts A, B and C exceeds amount D, where amount—
“A” is the amount of the enhancement under regulation 103(2) of the 2015 Regulations;
“B” is the amount of the member’s relevant pension from the 1995 Section (including in that amount any amount by which that pension has been reduced pursuant to an option under regulation 17A);
“C” is the amount of earnings received by the employed person during the year from the new employment in accordance with regulation 103(1)(a) of the 2015 Regulations; and
“D” is the amount of the member’s previous earnings construed in accordance with regulation 104 of the 2015 Regulations.
Commencement Information
I1Reg. 37 in operation at 1.4.2015, see reg. 1(1)