The Transport Act 2000 (Civil Aviation Authority Pension Scheme) Order 2001

24. AMOUNT OF MEMBERS' PENSIONS AT NORMAL PENSION DATE

Current Members

24.1  A pension payable from the NATS Section under Rule 27.1 to a Member who ceases to be a Current Member of the NATS Section at Normal Pension Date shall, subject to Appendix 4 and to any other provisions of the NATS Section which may apply in respect of a particular Member, be a yearly amount equal to 1/59th of Final Pensionable Earnings for each complete year of Pensionable Service (with the addition of a proportionate amount for each completed day where such Pensionable Service is not an integral number of years) subject to a maximum of 2/3rds of Final Pensionable Earnings.

Members who have ceased to be Current Members

24.2  A pension payable at Normal Pension Date to a Member who has ceased to be a Current Member in the NATS Section before Normal Pension Date (referred to as a deferred pension) shall, subject to Rule 32 and Appendix 4 and to any other provisions of the NATS Section which may apply in respect of a particular Member, for the purposes of Rule 32.2 be calculated in accordance with Rule 24.1 above but with reference to Final Pensionable Earnings and Pensionable Service at the date of such cessation and increased as described below.

Increases in deferred pensions

24.3  The said pensions payable under the NATS Section shall be increased in each year on 1 April by the percentage increase in the cost of living over the past year as shown in the Index for the month of February prior to the relevant 1 April or, in the case of a pension to which a Member became entitled within the year to 31 March by a proportional amount calculated on a basis determined by the Trustees with the advice of the Actuary; provided always that if there is a percentage decrease in the cost of living as shown in the Index references in this Rule 24.3 to increases and increasing a Member’s pension shall be taken to be references to decreases and decreasing a Member’s pension but such decreases shall be such as the Trustees with the consent of the Employers may determine and shall not apply:

(a) to pensions of a Member who became entitled to a deferred pension hereunder upon ceasing to be a Current Member more than 365 days before Normal Pension Date or;

(b) so as to reduce a Member’s pension from the Scheme below the level of such pension at the date on which the Member ceased to be a Current Member.