Interpretation of Chapter
86.—(1) In this Chapter—
“average annual rate”, in relation to pensionable earnings in a 6 month period, means the amount of pensionable earnings in that period multiplied by 2;
“increased annual rate”, in relation to pensionable earnings, has the meaning given in regulation 94;
“new employment” has the meaning given in regulation 88(2);
“new employment condition” has the meaning given in regulation 88;
“pensionable earnings”, for a person not in an eligible employment, means the amount which would be the person’s pensionable earnings if the employment were eligible employment;
“phased retirement application” means an application under regulation 159 for payment of a phased retirement pension;
“previous employment” has the meaning given in regulation 88(2);
“reduced annual rate”, in relation to pensionable earnings, means the annual rate of a person’s pensionable earnings following the reduction referred to in regulation 87;
“reduced annual rate condition” has the meaning given in regulation 87.
(2) When calculating the reduced annual rate or increased annual rate of a person’s pensionable earnings, any standard increase(1) which takes effect on or after the entitlement day must be ignored.
See the meaning of “standard increase” in Chapter 4 of Part 3.