PART 2Transitional provisions

CHAPTER 4Contributions and final pay

Flexibility earnings credit : calculation19.

(1)

This regulation and regulations 20 and 21 apply to a transition member who—

(a)

has pensionable service as a practitioner in either the old scheme or the new scheme; and

(b)

has pensionable service in the old scheme as an officer.

(2)

Where this regulation applies, the member is entitled to a flexibility earnings credit equal to—

(F−P)Amath

where—

  • F is the total amount of the member’s pension in the old scheme as at the last day of pensionable service in that scheme;

  • P is the amount of the member’s pension in the old scheme arising solely from service as a practitioner as at the last day of pensionable service in that scheme;

    A is—

    1. (i)

      1.4% if the 1995 Section applies to the member;

    2. (ii)

      1.87% if the 2008 Section applies to the member,

    and the amounts of pension for the purposes of this calculation are amounts before any actuarial reduction is applied by reason of payment before normal pension age for the relevant Section.