[F1Valuation of benefitsU.K.
128L.—(1) If an FPJABS member retires, the administrators must—
(a)calculate the number of added units of benefit that the member has purchased by dividing the total contributions made by the member under regulation 128G by the cost of an added unit of benefit as determined under regulation 128K; and
(b)notify the member of that amount.
(2) Any added unit of benefit that the member has purchased entitles them to—
(a)an additional pension benefit under the pre-1995 provisions of 1/40th of the value of PRS; and
(b)an additional lump sum of 2/40ths of the value of PRS.
(3) A surviving adult in relation to an FPJABS member is, in respect of any added unit of benefit purchased by the member, entitled to an additional pension of 1/80th of the value of PRS.
(4) A relevant person in relation to an FPJABS member is, in respect of any added unit of benefit purchased by the member, entitled to an additional children’s pension as follows—
(a)where there is no surviving adult in relation to the deceased FPJABS member, or where there is but the surviving adult subsequently dies—
(i)where, and for so long as, an eligible child’s pension is payable under regulation 11V at an annual rate equal to two thirds of the rate of the member’s pension, the eligible child’s pension is increased by 1/60th of PRS,
(ii)where, and for so long as, an eligible child’s pension is payable under regulation 11V at an annual rate equal to one third of the rate of the member’s pension, the eligible child’s pension is increased by 1/120th of PRS;
(b)where there is a surviving adult in relation to the deceased FPJABS member—
(i)where, and for so long as, an eligible child’s pension is payable under regulation 11V at an annual rate equal to one half of the annual rate of the member’s pension, the eligible child’s pension is increased by 1/80th of PRS,
(ii)where, and for so long as, an eligible child’s pension is payable under regulation 11V at an annual rate equal to one quarter of the rate of the member’s pension, the eligible child’s pension is increased by 1/160th of PRS.
(5) The FPJABS member, surviving adult, or relevant person in respect of an eligible child are entitled to proportionate benefits for any part of an added unit of benefit that has been purchased.
(6) If an unretired FPJABS member retires on the ground of ill health or dies before their earliest normal pension age under the pre-1995 provisions, they are to be credited with the number of added units of benefit for which they are paying contributions.
(7) If an unretired FPJABS member ceases making contributions before their earliest normal pension age under the pre-1995 provisions, for reasons other than death or retirement on the ground of ill-health—
(a)the administrators must—
(i)calculate the number of added units of benefit that the member has purchased by the date of cessation, by dividing the total contribution made by the member under regulation 128G by the cost of an added unit of benefit as determined under regulation 128K, and
(ii)notify the member of that amount;
(b)at the date of cessation, the member must be credited with added units of benefit equivalent to the number calculated under sub-paragraph (a).]