The Armed Forces Pension Regulations 2014
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Change 1
26 Calculation of “retirement index adjustment”
(1) For the purpose of this Part, the retirement index adjustment for an amount of accrued pension is an amount calculated as follows— Step 1 Multiply (A÷B) by the percentage increase where— A is the number of complete months in the period between the beginning of the leaving year and the end of the last day of pensionable service; and B is 12. The resulting percentage is the retirement index percentage. Step 2 Apply the retirement index percentage to the amount of accrued pension. The resulting amount is the retirement index adjustment. (2) In this regulation and regulation 26A— “complete month” includes an incomplete month that consists of at least 16 days; “the leaving year” means the scheme year in which the last day of pensionable service falls; “percentage increase” means— for this scheme an increase or decrease in prices or earnings (as the scheme manager may determine to be applicable to a description of pension) specified in the Treasury order for that year; and for a sending scheme, the increase or decrease that applies under that scheme to the revaluation of earned pension in that year as published by the Treasury; “the Treasury order” means an order under section 9(2) of the Act.
26 Calculation of “retirement index adjustment”
(1) For the purpose of this Part, the retirement index adjustment for an amount of accrued pension is an amount calculated as follows— Step 1 Multiply (A÷B) by the percentage increase where— A is the number of complete months in the period between the beginning of the leaving year and the end of the last day of pensionable service; and B is 12. The resulting percentage is the retirement index percentage. Step 2 Apply the retirement index percentage to the amount of accrued pension. The resulting amount is the retirement index adjustment. (2) In this regulation and regulation 26A— “complete month” includes an incomplete month that consists of at least 16 days; “the leaving year” means the scheme year in which the last day of pensionable service falls; “percentage increase” means— for this scheme an increase or decrease in prices or earnings (as the scheme manager may determine to be applicable to a description of pension) specified in the Treasury order for that year; and for a sending scheme, the increase or decrease that applies under that scheme to the revaluation of earned pension in that year as published by the Treasury; “the Treasury order” means an order under section 9(2) of the Act.
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