C1PART 3RETIREMENT BENEFITS

Annotations:
Modifications etc. (not altering text)

Annual rate of reduced pension16

1

The annual rate of a pension to which a member (“P”) becomes entitled under regulation 14 or 15 is determined under paragraph (3), (5) or (7) (whichever applies).

2

Paragraph (3) applies where, on retirement, P has reckonable service in only one eligible fee-paid judicial office (“the relevant office”).

3

The annual rate is determined in accordance with the following formula—

( R 40 ) × ( A + ( B 365 × ( C − A ) ) )math

where—

  1. a

    R is P's reckonable service in the relevant office;

  2. b

    S is the appropriate annual salary of the judicial office held by P immediately before retirement;

  3. c

    A is the actuarial reduction factor set out in the Table corresponding to P's age on P's birthday preceding the retirement day;

  4. d

    B is the number of days in the period beginning with P's birthday preceding the retirement day and ending with the retirement day;

  5. e

    C is the actuarial reduction factor set out in the Table appropriate to P's age on P's birthday following the retirement day.

4

Paragraph (5) applies where—

a

on retirement, P has reckonable service in more than one eligible fee-paid judicial office; and

b

P did not, at any time before retirement, hold two or more eligible fee-paid judicial offices simultaneously.

5

The annual rate is determined in accordance with the following formula—

( A R 40 × S ) × ( A + ( B 365 × ( C − A ) ) )math

where—

  1. a

    AR is the aggregate length of P's reckonable service in eligible fee-paid judicial offices;

  2. b

    S is the appropriate annual salary of the judicial office held by P immediately before retirement;

  3. c

    A is the actuarial reduction factor set out in the Table corresponding to P's age on P's birthday preceding the retirement day;

  4. d

    B is the number of days in the period beginning with P's birthday preceding the retirement day and ending with the retirement day;

  5. e

    C is the actuarial reduction factor set out in the Table appropriate to P's age on P's birthday following the retirement day.

6

Paragraph (7) applies where—

a

on retirement P has reckonable service in more than one eligible fee-paid judicial office (“the relevant offices”); and

b

at any time before retirement, P held two or more relevant offices simultaneously.

7

The annual rate is determined by taking the following steps:

Step 1

  • Determine the annual rate under paragraph (3), in relation to each relevant office which P held simultaneously, as if—

    1. i

      that office were the only office in which P had reckonable service on retirement (except in determining the maximum amount in relation to that office under regulation 5), and

    2. ii

      P held that office (and held no other judicial office) immediately before retirement.

Step 2

  • Determine the annual rate under paragraph (5), in relation to those relevant offices which P did not hold simultaneously with another judicial office, and for these purposes, in paragraph (5) S is—

    1. i

      where P held a single judicial office immediately before retirement, the appropriate annual salary of that judicial office;

    2. ii

      where P held more than one judicial office immediately before retirement, the highest appropriate annual salary of those offices.

Step 3

  • Add together each of the rates found under Step 1 and the rate found under Step 2.

8

In this regulation—

a

“the retirement day” means the day on which P retires;

b

“the Table” means the Table in the Schedule to the Judicial Pensions (Miscellaneous) Regulations 1995 F1, as it has effect on the retirement day.

9

Paragraph (10) applies where—

a

during one or more parts of the period for which P held an eligible fee-paid judicial office (“office A”), P held one or more other eligible fee-paid judicial offices simultaneously, and

b

during one or more parts of that period P held no eligible fee-paid judicial office other than office A.

10

For the purposes of paragraph (7)—

a

office A is to be treated as two different relevant offices—

i

the first of which (“the first office”) is held for the period (or the aggregate of the periods) mentioned in paragraph (9)(a), and accordingly, is taken into consideration in Step 1 in paragraph (7), and

ii

the second of which (“the second office”) is held for the period (or the aggregate of the periods) mentioned in paragraph (9)(b) and, accordingly is taken into consideration in Step 2 in paragraph (7), and

b

P's reckonable service in office A is to be apportioned between the first and the second offices in the same proportion as that between the period P held the first office and the period P held the second office.