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.