The National Health Service Pension Scheme Regulations 2015

Annual rate of age retirement pension

1.—(1) The annual rate of age retirement pension payable to the member (M) is found by—

(a) taking the amount of full retirement earned pension specified in M’s pensioner member’s account;

(b) subtracting the conversion amount (if any) specified in that account in relation to that amount;

(c) subtracting the allocation amount (if any) specified in that account in relation to that amount;

(d) adding the amount of full retirement additional pension (if any) specified in that account;

(e) subtracting the conversion amount (if any) specified in that account in relation to that amount; and

(f) adding the amount of late payment actuarial increase (if any) calculated in accordance with paragraph 2.

(2) In calculating the pension under this paragraph the scheme manager must take account of—

(a) any buy-out election under Chapter 3 of Part 4;

(b) the scheme years that fall within the buy-out period (see regulation 45(6)); and

(c) in relation to each such scheme year, the number of years in respect of which the actuarial reduction is bought out.