Meaning of “actuarial reduction”
This section has no associated Policy Notes
9.—(1) In these Regulations, “actuarial reduction” means the actuarial reduction that is applied (after obtaining the advice of the scheme actuary) when calculating the annual rate of pension payable to a member who, on the entitlement day for a pension other than a pension specified in sub-paragraph (2) has not reached normal pension age.
(2) The pensions are—
(a)an age retirement pension;
(b)a premature retirement pension;
(c)an ill-health pension.