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The National Health Service Pension Scheme (Amendment) Regulations 2011

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Amendment of the National Health Service Pension Scheme Regulations 1995

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2.—(1) The National Health Service Pension Scheme Regulations 1995(1) are amended as follows.

(2) In regulation Q17 (revaluation of increases bought under options: members’ pensions)—

(a)in paragraph (3), for “paragraph (5)” substitute “whichever of paragraphs (5) or (5A) applies”;

(b)in paragraph (5), for “The calculation” substitute “If the member exercised the option on or before 31 March 2011, the calculation”;

(c)after paragraph (5), add—

“(5A) If the member exercised the option on or after 1 April 2011, the calculation referred to in paragraph (3) is as follows—

Step 1 –Calculate the basic amount of the increase in accordance with regulations Q14 to Q16, to find the Step 1 amount.
Step 2 –Multiply the Step 1 amount by the prices index for the second month before the month in which the increase in pension will become payable, to find the Step 2 amount.
Step 3 –Divide the Step 2 amount by the prices index for the month in which the option was exercised, to find the Step 3 amount.
Step 4 –Take the greater of the Step 1 amount and Step 3 amount, to find the Step 4 amount.
Step 5 –Add to the Step 4 amount an amount that is equal to any increases that would be due under the Pensions (Increase) Act 1971(2) on a pension of the same amount as the Step 4 amount when it first falls into payment, to find the Step 5 amount.
Step 6 –Divide the Step 5 amount by the Step 4 amount, to find the Step 6 factor.
Step 7 –Divide the Step 4 amount by the Step 6 factor to find the final amount referred to in paragraph (1).;”

(d)in paragraph (6), after “that Act)” insert “and “the prices index” means, as regards any month, the change in the general level of prices for that month used to determine increases to official pensions for the purposes of that Act”.

(1)

S.I. 1995/300, as amended by S.I. 1997/80 and 1888, 1998/666 and 2216, 2000/605, 2001/1428 and 3649, 2002/561 and 2469, 2003/631 and 2322, 2004/665 and 696, 2005/661 and 3074, 2006/600 and 2919, 2007/2054 and 3280, 2008/654 and 2263, 2009/381,1298 and 2446 and 2010/492 and 1634. The Regulations were also modified by S.I. 1996/971.

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