Reduction of pensions payable early by virtue of elections etc.
D13.—(1) This regulation applies where benefits are payable to a person—
(a)under regulation D9; or
(b)under regulation D11 in a case where the appropriate date is determined under paragraph (2)(e) of that regulation.
(2) Where this regulation applies, then, subject to regulation D16, the standard retirement pension and standard retirement grant, calculated in accordance with regulation D2 and Schedule D2, are reduced by the appropriate percentage for the member’s pension advancement period.
(3) In paragraph (2) “the member’s pension advancement period”, in relation to a person, means the period remaining from the date from which the benefits became payable to his NRD.
(4) In paragraph (2) “the appropriate percentage” means the percentage shown in the appropriate column in the following Table.
Table
| Percentage Reduction | |||
|---|---|---|---|
| Pension advancement period (years) | Retirement pension | Retirement grant | |
| Male | Female | Both sexes | |
| 0 | 0 | 0 | 0 |
| 1 | 8 | 7 | 2 |
| 2 | 15 | 13 | 5 |
| 3 | 22 | 18 | 7 |
| 4 | 28 | 23 | 9 |
| 5 | 33 | 27 | 11 |
(5) Where the member’s pension advancement period is not an exact number of years, the necessary interpolations shall be made in the Table.