76.—(1) In this Chapter, “final pensionable earnings”, in relation to a member, means the greatest amount that is the member’s total pensionable earnings, under regulation 23 (pensionable earnings), for 365 consecutive days falling within the period of 3 years ending with the last day of service.
(2) If the person was required to be in service as a member of the armed forces during any period of 365 consecutive days falling within the period of 3 years mentioned in paragraph (1) but was not in such service for a period of 365 consecutive days, then the paragraph applies as if it referred to the person’s annualised pensionable earnings in the period of service ending with the last day of service.
(3) The person’s annualised pensionable earnings in the period of service are the amount given by the formula—
PE x (365 ÷ N)
where—
PE is the person’s pensionable earnings for the period, and
N is the number of days in the period for which pensionable earnings were received.
If the period of the final pensionable earnings includes the day 29 February, for “365” substitute “366”.
(4) If at any time during the period of 3 years mentioned in paragraph (1) or the period mentioned in paragraph (2), the member is treated under regulation 24 (meaning of ‘assumed pay’) as receiving assumed pay, or would be if they were a member of this scheme throughout that period, for the purposes of this regulation, their pensionable earnings for each day during that period when they are so treated include the assumed pay for that day.