Public Service Pensions (Single Scheme and Other Provisions) Act 2012

22.

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 .