PART 7 N.I. Benefits for pension credit members

Annual rate of pension credit member's pension N.I.

85.—(1) The annual rate of a pension credit member's pension is calculated by—

(a) taking the amount of credited pension specified in the pension credit member's account;

(b) subtracting the early payment reduction (if any) specified in that account in relation to that amount; and

(c) subtracting the commutation amount (if any) specified in that account in relation to that amount.

(2) If a member opts to buy out the early payment reduction, as provided for by regulation 86, the annual rate of pension is calculated without subtracting the early payment reduction.