Part 2 Amount for Pre-commencement Qualifying Years
Pensions Act 2014 (2014 c 19) | Legislation

Part 2 Amount for Pre-commencement Qualifying Years

How to calculate the amount for pre-commencement qualifying years

2

A person's amount for pre-commencement qualifying years is calculated as follows.

Step 1 — calculate the person's pension under the old system

Calculate the weekly rate based on the old state pension and graduated retirement benefit (see paragraph 3 for more about this).

Step 2 — calculate a pension based on the new system

Calculate the weekly rate based on the new state pension (see paragraph 4 for more about this).

Step 3 — take whichever rate is higher (the foundation amount)

Take whichever of the rates found under Steps 1 and 2 is higher.

Step 4 — revalue to date when the person reached pensionable age

Revalue the amount of that rate in accordance with paragraph 6.

The amount for the person's pre-commencement qualifying years is the amount as revalued under Step 4.

Step 1: calculation of the person's pension under the old system

3

(1)     For the purposes of Step 1 of the calculation in paragraph 2, the weekly rate based on the old state pension and graduated retirement benefit is—

(a)     the rate

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