The Judicial Pensions (Transfer of Accrued Benefits) Regulations 1995

Section 19 scheme: Calculation of pension credit

15.—(1) The pension credit to be made in respect of a transfer into the section 19 scheme shall be calculated in accordance with the formula —

where —

(a)

PP is the pension factor set out in Table 6 applicable to the member’s age last birthday as at the relevant date;

(b)

LL is the lump sum factor set out in Table 6 applicable to the member’s age last birthday as at the relevant date;

(c)

SF is the spouse’s factor applicable to the member’s age last birthday as at the relevant date set out under the heading—

(i)

WMM in Table 6 where the member is married at the relevant date; and

(ii)

WSS in Table 6 where the member is unmarried at the relevant date.

(d)

TP is the transfer payment from a source other than a scheme referred to in regulation 5(a) from which the member is transferring.

(2) The lump sum credit shall be ¼ × pension credit.

(3) The spouse’s pension credit shall be ½ × pension credit.

(4) 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.