The Local Government Pension Scheme Regulations 1995

“Standard retirement pension” and “standard retirement grant”

D2.—(1) Subject to paragraphs (2) and (3), in these regulations, in relation to any person—

(a) “standard retirement pension” means a pension payable at an annual rate equal to one eightieth of his pensionable remuneration, multiplied by the length in years of his total period of membership; and

(b) “standard retirement grant” means a lump sum of an amount equal to three eightieths of his pensionable remuneration, multiplied by the length in years of his total period of membership.

(2) In the case of a person who—

(a) is entitled under regulation B16, B17 or C9 or paragraph 2(a) or 5 of Schedule C6 to count an additional period as a period of membership, and

(b) had at the appropriate time (within the meaning of regulation C10(7)) attained the age of 45 years,

then—

(i) the standard retirement pension is increased by one two hundred and fortieth of his pensionable remuneration, multiplied by the length in years of that additional period of membership, and

(ii) that additional period of membership is excluded from his total period of membership for the purposes of calculating the standard retirement grant.

(3) Paragraphs (1) and (2) are subject to regulations D7(2), D13, D17(5), D19(1), paragraph 3 of Schedule B6 and Schedule C5 (limitations on contributions and benefits); and paragraph (1)(b) is subject to the provisions of Schedule D2 (Part I of which relates to the preservation of rights under the 1974 regulations to increases in retirement grants and Part II of which relates to the reduction in retirement grants on account of contingent spouses' pensions).