Annual rate of short-service annuity
This section has no associated Policy Notes
122. The annual rate of a short-service annuity is the actuarial equivalent of the sum of—
(a)all of the member’s standard contributions, faster accrual contributions (if any) and additional pension contributions (if any) in respect of a period of post-benefit service paid up to the date of receipt of the application under regulation 159; and
(b)interest to the date of payment at 3% per year, compounded with yearly rests on those contributions from the first day of the financial year following that in which they were paid.