PART 5Retirement benefits for teachers

CHAPTER 3Phased retirement

Annual rate of phased retirement pension93

The annual rate of phased retirement pension payable to a member (P) is found by—

a

taking the amount of phased retirement earned pension specified in P’s pensioner member’s account;

b

applying the standard reduction (if any) and the actuarial adjustment (if any) specified in that account in relation to that amount;

c

if P has applied to receive an additional pension with the phased retirement earned pension, adding the amount of phased retirement additional pension specified in that account;

d

applying the actuarial adjustment (if any) specified in that account in relation to that amount; and

e

subtracting the commutation amount (if any) specified in that account in relation to the sum of those amounts.