69.—(1) The amount of full retirement earned pension is the sum of—
(a)the amount of accrued earned pension calculated under regulation 46(3); and
(b)the leaver index adjustment for that amount.
(2) In calculating the amount of full retirement earned pension, the leaver index adjustment is not applied to the amount of accrued earned pension if a transfer payment is made in respect of the member’s rights to that accrued pension before the end of the last active financial year.
70.—(1) The amount of full retirement additional pension is the sum of—
(a)the amount of accrued additional pension calculated under regulation 46(4); and
(b)the leaver PIA index adjustment for that amount.
(2) In calculating the amount of full retirement additional pension, the leaver PIA index adjustment is not applied to the amount of accrued additional pension if a transfer payment is made in respect of the member’s rights to that accrued pension before the end of the last active financial year.
71. The amount of phased retirement earned pension is the sum of—
(a)the amount of accrued earned pension calculated under regulation 47(2); and
(b)the leaver index adjustment for that amount.
72. The amount of phased retirement additional pension is the sum of—
(a)the amount of accrued additional pension calculated under regulation 47(3); and
(b)the leaver index adjustment for that amount.
73.—(1) The standard reduction is 3% and applies in relation to a maximum of 3 years between age 65 and a member’s normal pension age.
(2) The standard reduction is applied when calculating the annual rate of pension payable to a member (P) who—
(a)was an active member immediately before the entitlement day for a phased retirement pension, premature retirement pension or early retirement pension; and
(b)on the entitlement day for that pension—
(i)has reached normal minimum pension age; but
(ii)has not reached normal pension age.
(3) If a retirement pension becomes payable to P on or after the date on which P reaches 65, the standard reduction applies in relation to a proportion, determined by the Department, of the time left until P reaches normal pension age.
74. In these Regulations, “actuarial adjustment” means the actuarial adjustment (to be determined by the Department after taking advice from the scheme actuary) that is applied when calculating the annual rate of pension payable—
(a)to a member who, on the entitlement day for a pension other than an age retirement pension or an ill health pension, has not reached normal pension age; or
(b)to an active member who becomes a pensioner member after reaching normal pension age.
75. In these Regulations, “commutation amount”, in relation to any pension commuted in part to a lump sum under regulation 168, means the amount of pension commuted to a lump sum.