PART 11 U.K.TRANSFERS

Modifications etc. (not altering text)

C1 Pts. 1-11 restricted (10.3.2022 for specified purposes, 1.4.2022 in so far as not already in force) by Public Service Pensions and Judicial Offices Act 2022 (c. 7), ss. 90, 131(1)(2)(f)

CHAPTER 2 U.K.TRANSFERS OUT

Calculation of cash equivalents U.K.

76.—(1) The cash equivalent of accrued benefits is to be calculated in accordance with the formula—

(2) For the purpose of the calculations in paragraph (1)—

(a) MLA is the market level adjustment;

(b) p is the accrued annual pension to which P would be entitled under these Regulations, together with pensions increases under the Pensions (Increase) Acts 1971 F1 and 1974 F2 and the Pensions (Increase) Act (Northern Ireland) 1971 F3 between the date of leaving the relevant schemes and the relevant date;

(c) PF is the pension factor set out in Table 3 applicable to P's age last birthday as at the relevant date;

(d) I is the accrued lump sum under the relevant schemes of P (less any deductions in respect of unpaid contributions payable under Part 9 of these Regulations, or any other sum payable under these Regulations), together with pensions increases under the Pensions (Increase) Acts 1971 and 1974 and the Pensions (Increase) Act (Northern Ireland) 1971 between the date of leaving the relevant schemes and the relevant date;

(e) L is the lump sum factor set out in Table 3 applicable to P's age last birthday as at the relevant date;

(f) w is the accrued annual surviving adult's pension which would apply under the relevant schemes if P were dead, together with pensions increases under the Pensions (Increase) Acts 1971 and 1974 and the Pensions (Increase) Act (Northern Ireland) 1971 between the date of leaving the relevant schemes and the relevant date;

(g) SF is the spouse's or civil partner's factor applicable to P's age last birthday as at the relevant date set out under the heading—

(i) WM in Table 3 where P is married or a civil partner at the date of leaving the relevant schemes;

(ii) GSM in Table 3 where P is male and neither married nor a civil partner at the date of leaving the relevant schemes;

(iii) GSF in Table 3 where P is female and neither married nor a civil partner at the date of leaving the relevant schemes;

(h) g78 is the guaranteed minimum pension per annum accrued prior to 6th April 1988, together with any increases under section 148 of the Social Security Administration Act 1992 F4 or, in relation to Northern Ireland, section 130 of the Social Security Administration (Northern Ireland) Act 1992 F5 in the period between leaving the relevant scheme and the relevant date;

(i) g88 is the guaranteed minimum pension per annum accrued on or after 6th April 1988, together with any increases under section 148 of the Social Security Administration Act 1992 or, in relation to Northern Ireland, section 130 of the Social Security Administration (Northern Ireland) Act 1992 in the period between leaving the relevant scheme and the relevant date;

(j) GMP is the guaranteed minimum pension factor applicable to P's age last birthday as at the relevant date set out in the column under the heading—

(i) GM in Table 5 where P is male; and

(ii) GF in Table 5 where P is female.

Textual Amendments

F1 1971 c.56.

F2 1974 c.9.

F3 1971 c.35 (N.I.).

F4 1992 c.5. Section 148 was amended by paragraph 27 of Schedule 8 to the Pension Schemes Act 1993 (c.48) and section 37 of the Child Support, Pensions and Social Security Act 2000 (c.19).

F5 1992 c.8. Section 130 was amended by S.I. 1995/3213 (N.I.22).