SCHEDULES

SCHEDULE 9E+WPension accounts

PART 1E+WInterpretation

Meaning of “leaver index adjustment”E+W

3.—(1) [F1Subject to sub-paragraph 2A, the] leaver index adjustment for an amount of accrued earned pension other than an amount of club transfer accrued earned pension is an amount calculated as follows—

  • Step 1 Add 1.5 to the percentage increase or decrease in prices specified in an order [F2(in respect of the NHS Pension Scheme 2015)] made by the Treasury under section 9(2) of the 2013 Act in relation to the leaving year.

  • Step 2 Multiply the result at Step 1 by

    where—

    • A is the number of complete months in the period between the beginning of the leaving year and the end of the relevant last day; and

    • B is 12.

    The resulting percentage is the leaver index percentage.

  • Step 3 Multiply the amount of accrued earned pension by the leaver index percentage. The resulting amount is the leaver index adjustment.

[F3(2) Subject to sub-paragraph 2A, the leaver index adjustment for an amount of club transfer accrued earned pension is—

(a)equal to the adjustment that would apply under the sending scheme to an amount of accrued earned pension equal to the amount of club transfer accrued earned pension specified in the active member’s account at the end of the relevant last day; and

(b)applied to the amount of club transfer earned pension at the end of the relevant last day on the date that the order (in respect of the NHS Pension Scheme 2015) made by the Treasury under section 9(2) of the 2013 Act in relation to the previous scheme year, has effect.]

[F4(2A) If the amount of the leaver index adjustment under sub-paragraphs (1) or (2) is an amount that is less than zero, the amount of the leaver index adjustment for the purposes of those paragraphs is zero.]

(3) In this paragraph, “complete months” includes an incomplete month that consists of at least 16 days.

Textual Amendments