SCHEDULES

SCHEDULE 11Calculation of pension

PART 3Early retirement pension

Calculation of amount of early retirement pension6

1

The annual rate of early retirement pension payable to the member (M) is found by—

a

taking the amount of full retirement earned pension specified in M’s pensioner member’s account;

b

applying the actuarial reduction (if any) specified in that account in relation to that amount;

c

subtracting the conversion amount (if any) specified in that account in relation to that amount;

d

subtracting the allocation amount (if any) specified in that account in relation to that amount;

e

adding the amount of full retirement additional pension (if any) specified in that account;

f

applying the actuarial reduction (if any) specified in that account in relation to that amount; and

g

subtracting the conversion amount (if any) specified in that account in relation to that amount.

2

For the purposes of sub-paragraph (1)(b) the actuarial reduction must take account of—

a

any buy-out election under Chapter 3 of Part 4;

b

the scheme years that fall within the buy-out period (see regulation 44(6)); and

c

in relation to each such scheme year, the number of years in respect of which the actuarial reduction is bought out.