Church of England Pensions Measure 2018

Retirement which begins after commencement of this Schedule

8 (1) This paragraph applies in the case of a member of the past service scheme who retires after the commencement of this Schedule and before reaching the retiring age, otherwise than on grounds of infirmity but no more than 10 years before he or she would have reached the retiring age.

(2) The rate of pension is calculated by—

(a) working out the rate of pension to which the member would have been entitled under Part 1 of this Schedule if he or she had reached the retiring age on the date on which the pension becomes payable, and

(b) deducting from that such amount as the Board determines with the agreement of the Church Commissioners.

(3) If the member is entitled to a lump sum payment, the amount is calculated by—

(a) working out the amount of the lump sum payment to which the member would have been entitled under Part 1 of this Schedule if he or she had reached the retiring age on the date on which he or she retired, and

(b) deducting from that such amount as the Board determines with the agreement of the Church Commissioners.

(4) Before making a determination under sub-paragraph (2)(b) or (3)(b), the Board must obtain the advice of an actuary.