6.—(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.