SCHEDULE 11Calculation of pension
PART 4Premature retirement pension
Calculation of amount of premature retirement pension7
1
The annual rate of premature retirement pension payable to the member (M) is found by—
a
taking the amount of full retirement earned pension specified in M's pensioner member's account;
b
applying the actuarial reduction (if any) specified in that account in relation to that amount;
c
subtracting the conversion amount (if any) specified in that account in relation to that amount;
d
subtracting the allocation amount (if any) specified in that account in relation to that account;
e
adding the amount of full retirement additional pension (if any) specified in that account;
f
applying the actuarial reduction (if any) specified in that account in relation to that amount; and
g
subtracting the conversion amount (if any) specified in that account in relation to that amount.
2
For the purposes of sub-paragraph (1)(b), the actuarial reduction must take account of—
a
any buy-out election under Chapter 3 of Part 4;
b
the scheme years that fall within the buy-out period (see regulation 44(6)); and
c
in relation to each such scheme year, the number of years in respect of which the actuarial reduction is bought out.