PART IIITRANSFER INTO THE PART I SCHEME AND SECTION 19 SCHEME

Section 19 scheme: Calculation of pension credit15

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 —

TP/MLAPP+2¼×LL+½×SFmath

where —

  1. a

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

  2. 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;

  3. 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—

    1. i

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

    2. ii

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

  4. 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.