Social Security Act 1973

Section 80(2).

SCHEDULE 20 Computation of weekly rate of reserve scheme personal pension

1 For the purposes of ascertaining the rate (without bonuses) of an earner's reserve scheme personal pension, the factors relevant under this Schedule are—

(a) the year in which any reserve scheme contributions or reserve scheme premiums were paid in respect of him and his earnings from any employment;

(b) his age at the end of that year ; and

(c) his reckonable contribution factor for that year ;

and in this Schedule " year " means an income tax year.

2 (1) An earner's reckonable contribution factor for any year is the aggregate amount of—

(a) all reserve scheme contributions paid in that year in respect of the earner's earnings (disregarding earnings in respect of which there has been a repayment of contributions); and

(b) all reserve scheme premiums paid in that year by any person in respect of him.

(2) Regulations may provide for adjusting reckonable contribution factors so as to make each factor a whole number of pounds.

3 For the purposes of paragraphs 1 and 2 above, any contributions or premium paid before or on the relevant pay-day, or within a prescribed period after that day, shall be deemed to have been paid in the year in which that day fell; and (except so far as may be otherwise prescribed) " the relevant pay-day " means—

(a) in relation to contributions, the date on which were paid the earnings in respect of which contributions became payable; and

(b) in relation to a premium, the date on which there was terminated the period of service in recognised pensionable employment, termination of which gave rise to the liability for the premium.

4 (1) The weekly rate of the pension (without bonuses) shall be arrived at as follows.

(2) Take all the years for which the earner acquired a reckonable contribution factor and in which he was aged not less than 22 nor more than 64.

(3) For this purpose, treat the earner as having been, in any year, of the age which he had attained on the last day of that year.

(4) In relation to a year in which the earner was of the age specified in the first column of the Table below, take for each £1 of his reckonable contribution factor for that year the number of pence specified for him in the second column of the Table.

(5) The weekly rate of the pension is the aggregate of the sums produced by the calculation under sub-paragraph (4) above.

TABLE

Age at end of year of contribution	Amount of pension per week for every £1 of year's reckonable contribution factor
	Men pence	Women pence
22	.866	.581
23	.834	.560
24	.803	.540
25	.773	.520
26	.743	.501
27	.715	.482
28	.689	.464
29	.663	.447
30	.638	.431
31	.614	.415
32	.592	.400
33	.570	.385
34	.549	.370
35	.529	.356
36	.509	.343
37	.490	.331
38	.472	.319
39	.455	.307
40	.438	.295
41	.422	.284
42	.406	.274
43	.391	.264
44	.377	.254
45	.363	.244
46	.350	.235
47	.337	.226
48	.324	.217
49	.312	.208
50	.301	.200
51	.290	.192
52	.280	.185
53	.270	.178
54	.260	.171
55	.250	.164
56	.240	.157
57	.230	.150
58	.221	.143
59	.212	.137
60	.203
61	.194
62	.186
63	.177
64	.168

5 Regulations may provide for adjusting the weekly rate of pension arrived at under paragraph 4 above so that the rate is in all cases a whole number of pence, and for adjusting the rate in prescribed circumstances, by amounts up to 10 pence and no more, with a view to facilitating administration and payment.