In this Chapter—

• F1“average annual rate” means the average rate of pensionable earnings in a 12 month period;

• “increased annual rate”, in relation to pensionable earnings, has the meaning given in regulation 97(2);

• “new employment” has the meaning given in regulation 91(2);

• “new employment condition” has the meaning given in regulation 91;

• “pensionable earnings”, for a person not in an eligible employment, means the amount which would be the person's pensionable earnings if the employment were eligible employment;

• “phased retirement application” means an application under regulation 162 for payment of a phased retirement pension;

• “previous employment” has the meaning given in regulation 91(2);

• “reduced annual rate”, in relation to pensionable earnings, means the annual rate of P's pensionable earnings following the reduction referred to in regulation 90;

• “reduced annual rate condition” has the meaning given in regulation 90.

When calculating the reduced annual rate or increased annual rate of a person's pensionable earnings, any standard increase M1 which takes effect on or after the entitlement day must be ignored.