SCHEDULES

SCHEDULE 1TRANSISTIONAL RATE OF STATE PENSION: CALCULATING THE AMOUNT

PART 2AMOUNT FOR PRE-COMMENCEMENT QUALIFYING YEARS

Step 2: calculation of a pension based on the new system

4

1

For the purposes of Step 2 of the calculation in paragraph 2, the weekly rate based on the new state pension is as follows.

2

If the person has 35 or more pre-commencement qualifying years, the rate is equal to—

a

the full rate of the state pension on 6 April 2016, less

b

any amount to reflect contracting out under the old system (see paragraph 5).

3

If the person has fewer than 35 pre-commencement qualifying years, the rate is equal to—

a

the appropriate proportion of the full rate of the state pension on 6 April 2016, less

b

any amount to reflect contracting out under the old system (see paragraph 5).

4

The “appropriate proportion”, in relation to a person, is—

135×the person’s number of pre-commencement qualifying yearsmath

.