Public Service Pensions (Single Scheme and Other Provisions) Act 2012
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Calculation of retirement benefits. |
19.— (1) Where a person is a Scheme member or former Scheme member, other than one to whom section 20 , 21 , 22 , 23 , 24 , 25 , 26 , 27 or 29 relates, and has completed the vesting period and reached the normal pension age, then he or she shall, subject to section 52 and upon application being made to the relevant authority, be eligible on retirement to receive— | |
(a) an annual pension equivalent to the sum of the referable amounts in respect of each calendar year or part of a calendar year for the pension, and | ||
(b) a lump sum payment equivalent to the sum of the referable amounts in respect of each calendar year or part of a calendar year for the lump sum. | ||
(2) In this section “referable amounts in respect of each calendar year or part of a calendar year”, in relation to a calendar year or part of a calendar year of service, means— | ||
(a) in the case of a pension, an amount calculated at a rate of— | ||
(i) 0.58 per cent of the Scheme member’s pensionable remuneration for that year or part of a year of service that is less than or equal to 3.74 times the value of the contributory State Pension at that time and, in respect of such service, as adjusted when not working on a full-time basis by reference to the proportion that the number of hours worked bears to the number of hours that would have been worked if working on a full-time basis, and | ||
(ii) 1.25 per cent of the Scheme member’s pensionable remuneration for that year or part of a year of service that is greater than 3.74 times the value of the contributory State Pension at that time and, in respect of such service, as adjusted when not working on a full-time basis by reference to the proportion that the number of hours worked bears to the number of hours that would have been worked if working on a full-time basis, | ||
and | ||
(b) in the case of a lump sum payment, an amount calculated at a rate of 3.75 per cent of the Scheme member’s pensionable remuneration for that year or part of a year of service as adjusted, when not working on a full-time basis, by reference to the proportion that the number of hours worked bears to the number of hours that would have been worked if working on a full-time basis, | ||
and as adjusted thereafter, until payment of the pension and lump sum arises in accordance with this Part, by reference to such adjustments as may arise as provided for in section 40 . |