Annualised rate of pensionable earnings
159.—(1) For the purpose of this Part, a member’s annualised rate of pensionable earnings is calculated in accordance with this regulation.
(2) Where a member’s pensionable earnings for a scheme year are payable to the member in 12 instalments, the member’s annualised rate of pensionable earnings is calculated as follows, rounded down to the nearest whole pound—
where P is the amount of a payment of the member’s pensionable earnings.
(3) Where a member’s pensionable earnings for a scheme year are payable to the member otherwise than in 12 instalments, the member’s annualised rate of pensionable earnings is calculated as follows, rounded down to the nearest whole pound—
where—
P is the amount of a payment of the member’s pensionable earnings; and
N is the number of days in the relevant pay period.
(4) For the purpose of paragraph (3), the relevant pay period is—
(a)for the first payment of pensionable earnings, the period beginning on the member’s first day of pensionable service and ending on the day before the day that this payment of pensionable earnings is made; or
(b)otherwise, the period beginning on the day the previous payment of pensionable earnings was made and ending on the day before the day that this payment of pensionable earnings is made.
(5) If the scheme year in which the payment of pensionable earnings is made includes 29th February, paragraph (3) has effect with “366” substituted in place of “365”.