Public Service Pensions (Single Scheme and Other Provisions) Act 2012
Calculation of retirement benefits — holders of judicial offices. |
22.— (1) A person having completed the vesting period and having been a holder of a judicial office shall, subject to section 52 , be eligible to receive a pension and a lump sum as provided for by this section if he or she either— | |
(a) has attained the normal pension age and has ceased to be a holder of a judicial office before reaching the retirement age for such a holder prescribed by law, or | ||
(b) has attained the retirement age for such a holder as so prescribed. | ||
(2) A person who is a Scheme member or former Scheme member to whom subsection (1) relates shall, upon application being made to the relevant authority, be eligible to receive upon his or her retirement— | ||
(a) an annual pension equivalent to the sum of the referable amounts in respect of each calendar year or part of a calendar year as a holder of a judicial office, subject to a maximum equivalent to one-half of the annualised rate at that time of the pensionable remuneration that stands provided for the person concerned at the time he or she ceased to be a holder of a judicial office, 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 as a holder of a judicial office, subject to a maximum equivalent to one and a half times the annualised rate at that time of the pensionable remuneration that stands provided for the person concerned at the time he or she ceased to be a holder of a judicial office. | ||
(3) 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 an annual pension an amount calculated at a rate of 2.5 per cent of the Scheme member’s pensionable remuneration for that year or part of a year as a holder of a judicial office, and | ||
(b) in the case of a lump sum payment an amount calculated at a rate of 7.5 per cent of the Scheme member’s pensionable remuneration for that year or part of a year as a holder of a judicial office, | ||
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 . |