Part I scheme: Calculation of pension credit
14.—(1) This regulation and regulation 15 apply for the purposes of calculating the annual pension and derivative benefits to be provided to the qualifying member to reflect the transfer payment into the Part I or section 19 scheme (“the pension credit”).
(2) In this regulation —
(a)the guaranteed minimum pension used in the calculations shall be that provided by the Department of Social Security or, in relation to Northern Ireland, the Department of Health and Social Services which correspond to the application of revaluation orders under section 148 of the Social Security Administration Act 1992 or section 130 of the Social Security Administration (Northern Ireland) Act 1992.
(b)the transfer payment shall include the amount of any limited revaluation premium (as defined in section 55 of the Pension Schemes Act 1993 and section 51 of the Pension Schemes (Northern Ireland) Act 1993) paid by a previous scheme.
(3) The pension credit in respect of a transfer into the Part I scheme shall be calculated in accordance with the formula—
in respect of a member who is married at the relevant date; or
in respect of a member who is male and unmarried at the relevant date; or
in respect of a member who is female and unmarried at the relevant date.
(4) For the purposes of the calculations in paragraph (3)—
(a)P is the pension factor set out in Table 5 applicable to the member’s age last birthday as at the relevant date;
(b)L is the lump sum factor set out in Table 5 applicable to the member’s age last birthday as at the relevant date;
(c)SF1 is the spouse’s factor applicable to the member’s age last birthday as at the relevant date set out under the heading—
(i)WM in Table 5 where the member is married at the relevant date;
(ii)WS in Table 5 where the member is unmarried at the relevant date.
(d)SF2 is the spouse’s factor applicable to the member’s age last birthday as at the relevant date set out under the heading—
(i)GSM in Table 5 where the member is male and unmarried at the relevant date; and
(ii)GSF in Table 5 where the member is female and unmarried at the relevant date.
(e)g78 is the guaranteed minimum pension per annum accrued prior to the 6th April 1988;
(f)g88 is the guaranteed minimum pension per annum accrued on or after 6th April 1988;
(g)GMP is the guaranteed minimum pension factor applicable to the member’s age last birthday as at the relevant date set out under the heading —
(i)GM in Table 5 where the member is male; and
(ii)GF in Table 5 where the member is female.
(h)TP is the transfer payment from the scheme from which the member is transferring.
(5) The lump sum credit shall be 2 ¼ × pension credit.
(6) The spouse’s pension credit shall be ½ × pension credit.
(7) The children’s pension credit shall bear the same proportion to the pension credit as the children’s pensions bear to the deceased’s judicial pension under section 8 of the 1993 Act.