PART IVJUDICIAL ADDED YEARS SCHEME, JUDICIAL ADDED BENEFITS SCHEME AND JUDICIAL ADDED SURVIVING SPOUSE'S PENSION SCHEME

Valuation of Benefits under the JABS4.12

1

If a member leaves qualifying judicial service on or after reaching his normal pension age, any added unit of benefit that he has purchased shall entitle him to an additional pension benefit under his existing scheme of 1/40th of his annual salary at the date of retirement together with a lump sum of 2/40ths of his annual salary at the date of retirement and shall entitle his surviving spouse to a surviving spouse’s pension of 1/80th of that salary payable on his death and so proportionately for any part unit of benefit purchased.

2

Any unit purchased shall not be taken into account for the purposes of determining —

a

the length of service for the purpose of calculating entitlement to pension benefits under the existing scheme; or

b

the length of qualifying service for determining the date of retirement.

3

If member retires on the ground of ill-health or dies before his normal pension age, he shall be credited with the number of units for which he is paying contributions, provided that where —

a

he retires on the ground of ill-health or dies within twelve months of the date of contracting to purchase added units of benefit, or

b

he dies or retires on the ground of ill-health because of an incapacity to which he became subject within twelve months of that date,

the administrators are satisfied that the declaration given in accordance with regulation 4.6(2), as applied by regulation 4.8(1), was made in good faith.

4

If a member ceases making contributions before his normal pension age for reasons other than death or retirement on the ground of ill-health, then, at the date he so ceases he shall be credited with added units of benefit in accordance with the formula A × (B/C) where —

a

A is the number of added units of benefit for which he had contracted to pay contributions;

b

B is the period (expressed in years and days) over which he has paid contributions for those added units; and

c

C is the period (expressed in years and days) calculated from the date of commencement of contributions, over which he would have paid contributions for those added units if he had continued in service until his normal pension age.

5

If a member who has ceased to participate in the scheme under paragraph (4), subsequently starts to pay contributions again, this regulation and regulations 4.8 and 4.13 shall apply separately to those contributions and the value of benefits purchased with them.