PART 5Retirement Benefits for Teachers

CHAPTER 3Phased retirement

Interpretation of Chapter89.

(1)

In this Chapter—

average annual rate”, in relation to pensionable earnings in a 6 month period, means the amount of pensionable earnings in that period multiplied by 2;

increased annual rate”, in relation to pensionable earnings, has the meaning given in regulation 97;

new employment” means one or more new eligible employments;

new employment condition” has the meaning given in regulation 91;

“pensionable earnings”, for a person not in an eligible employment, means the amount which would be the person's pensionable earnings if the employment were eligible employment;

previous employment” means one or more previous eligible employments;

reduced annual rate”, in relation to pensionable earnings, means the annual rate of P's pensionable earnings following the reduction referred to in regulation 90;

reduced annual rate condition” has the meaning given in regulation 90.

(2)

When calculating the reduced annual rate or increased annual rate of a person's pensionable earnings, any standard increase M1which takes effect on or after the entitlement day must be ignored.