Annual rate of pension under regulation 30U.K.
31.—(1) The annual rate of the pension to which the transferee is entitled under regulation 30 is the rate in relation to which the following condition is met.
(2) The condition is that the sum of—
(a)the value of the pension, and
(b)the value of any lump sum to which the transferee is entitled under this Part,
equals the [F1sum of the amount of the pension credit and the amount of any remediable pension credit or remediable pension reduction under Part 5 of the 2023 Regulations].
[F2(2A) In paragraph (2)—
(a)“remediable pension credit”, in the circumstances mentioned in—
(i)regulation 48 of the 2023 Regulations, has the meaning given in regulation 49(5) of those Regulations;
(ii)regulation 51 of the 2023 Regulations, has the meaning given in regulation 52(3) of those Regulations;
(iii)regulation 55 of the 2023 Regulations, has the meaning given in regulation 56(12) of those Regulations;
(b)“remediable pension reduction” has the meaning given in regulation 56(12) of the 2023 Regulations.]
(3) For this purpose, the value of the pension and of any lump sum must be calculated—
(a)in accordance with regulations made by the Secretary of State under paragraph 5(b) of Schedule 5 to the 1999 Act, or
(b)(in any case where the 1999 Order applies) in accordance with regulations made by the Department for Communities under paragraph 5(b) of Schedule 5 to the 1999 Order,
and any regulations made by the Secretary of State or by the Department for Communities for the purposes of those provisions apply accordingly.
(4) The annual rate of the pension must be calculated in in such manner as may be approved by the Government Actuary or by an actuary authorised by the Government Actuary to act on behalf of the Government Actuary for that purpose.
Textual Amendments
F1Words in reg. 31(2) substituted (5.7.2023) by The Judicial Pensions (Remediable Service etc.) Regulations 2023 (S.I. 2023/766), reg. 1(b), Sch. para. 3(3)