The Judicial Pensions (Miscellaneous) (Amendment) Regulations 2015

Statutory Instruments

2015 No. 533

Pensions

The Judicial Pensions (Miscellaneous) (Amendment) Regulations 2015

Made

4th March 2015

Laid before Parliament

9th March 2015

Coming into force

1st April 2015

The Lord Chancellor and, in relation to the judicial offices whose jurisdiction is exercised exclusively in Scotland, the Secretary of State, in exercise of the powers conferred on them by section 2(7)(e) of the Judicial Pensions and Retirement Act 1993(1), and with the concurrence of the Treasury, make the following Regulations:

Citation and commencement

1.  These Regulations may be cited as the Judicial Pensions (Miscellaneous) (Amendment) Regulations 2015 and come into force on 1st April 2015.

Revised proposed early retirement factors

2.  For the table in the Schedule to the Judicial Pensions (Miscellaneous) Regulations 1995(2) substitute—

“Age	Actuarial Reduction Factor
30	0.268
31	0.276
32	0.284
33	0.292
34	0.300
35	0.309
36	0.318
37	0.328
38	0.338
39	0.348
40	0.359
41	0.370
42	0.382
43	0.395
44	0.408
45	0.422
46	0.436
47	0.452
48	0.468
49	0.486
50	0.504
51	0.524
52	0.545
53	0.568
54	0.593
55	0.619
56	0.647
57	0.677
58	0.708
59	0.742
60	0.778
61	0.816
62	0.858
63	0.902
64	0.949
65	1.000”

Chris Grayling

Lord Chancellor

Ministry of Justice

26th February 2015

Alistair Carmichael

One of Her Majesty’s Principal Secretaries of State

4th March 2015

We concur

David Evennett

Alun Cairns

Two of the Lords Commissioners of Her Majesty’s Treasury

2nd March 2015

EXPLANATORY NOTE

(This note is not part of the Regulations)

These Regulations substitute a new table in the Schedule to the Judicial Pensions (Miscellaneous) Regulations 1995 (S.I. 1995/632), revising the actuarial factors used to calculate a pension on early retirement. These Regulations will result in judicial office holders receiving a slightly higher pension on early retirement.

An impact assessment has not been prepared for this instrument as no impact on the costs of business or the voluntary sector is foreseen.

(1)

1993 c.8; the power to make these Regulations is vested in the “appropriate Minister” as defined in section 30(1) as (a) in relation to any judicial office whose jurisdiction is exercised exclusively in relation to Scotland, the Secretary of State, or, (b) subject to (a), the Lord Chancellor.

(2)

S.I. 1995/632.