PART 4

Pension accounts
CHAPTER 2

Calculation of accrued pension

Calculation of amount of accrued pension for purposes of deferment or full retirement
46
1
For the purpose of a full retirement pension, the amount of accrued pension is calculated in accordance with this regulation.
2
For the purpose of a deferred member's account, the amount of accrued earned pension is calculated in accordance with paragraph (3).
3
The amount of accrued earned pension is the sum of the following amounts specified in the active member's account as at the end of the last day of pensionable service—
a
the opening balance of standard earned pension for the last active financial year and the index adjustment for that opening balance;
b
the amount of standard earned pension (if any) for the last active financial year;
c
the opening balance of faster accrual earned pension (if any) for the last active financial year and the index adjustment for that opening balance;
d
the amount of faster accrual earned pension (if any) for the last active financial year;
e
the opening balance of club transfer earned pension (if any) for the last active financial year and the index adjustment for that opening balance;
f
the amount of club transfer earned pension (if any) for the last active financial year;
g
the opening balance of transferred pension (if any) for the last active financial year and the index adjustment for that opening balance; and
h
the amount of transferred pension (if any) for the last active financial year.
4
The amount of accrued additional pension is—
a
the sum of the following amounts specified in the additional pension account as at the end of the last day of pensionable service—
i
the opening balance of additional pension for the last active financial year; and
ii
the PIA index adjustment (if any) for that opening balance; or
b
an amount determined by the Department under Part 2 of Schedule 2.
5
In these Regulations, “the last active financial year” means the financial year in which the last day of pensionable service falls.