17ADOperative time during growth phase—reduction of retirement pension etc.

#### 17AD Operative time during growth phase—reduction of retirement pension etc. (1) This section applies if: (a) at the operative time, a retirement pension is not payable to a Judge in respect of the original interest; and (b) after the operative time: (i) the retirement pension becomes payable to the Judge; or (ii) the Judge dies before the retirement pension becomes payable and a spouse pension becomes payable to a spouse of the Judge; and (c) if: (i) the retirement pension is a pension under subsection 6(2); or (ii) the Judge had not qualified for a pension under subsection 6(1) on a day before the Judge died; the Judge would have qualified for a pension under subsection 6(1) or (2D) if the Judge had continued to serve as a Judge until the Judge’s mandatory retirement day. Reduction of pensions (2) In working out the annual rate of the retirement pension that is payable: (a) work out the annual rate of the pension under section 6A, 6B or 6C; and (b) reduce that rate by the amount worked out using the formula in subsection (5) of this section. (3) If section 16 applies in relation to the retirement pension, the annual rate worked out under paragraph (2)(a) must take into account a reduction of the amount of the pension under that section. (4) For the purposes of working out the rate of the spouse pension that is payable under section 7, the rate of the relevant pension in relation to the Judge is to be worked out as follows: (a) work out the annual rate of the relevant pension under section 6A, 6B or 6C; (b) reduce that rate by the amount worked out using the formula in subsection (5) of this section. (5) The formula is:  where: > pension rate means the annual rate of the retirement pension or relevant pension worked out under section 6A (disregarding subsection 6A(1)). > Note: If the original interest has been split more than once, see section 17AE for a modification of this formula. Accrued pension factor (6) The accrued pension factor for the Judge is: (a) if at the operative time the Judge was at least 60 and had served as a Judge for at least 10 years—1; or (b) otherwise—the number worked out by dividing the number of days the Judge had served as a Judge at the operative time by the qualifying service days of the Judge. (7) The number worked out under paragraph (6)(b) is to be rounded to 6 decimal places (rounding up if the seventh decimal place is 5 or more). Effect of reduction on other pensions (8) If: (a) the annual rate of a retirement pension of a retired Judge is reduced under subsection (2); and (b) a pension under section 8 later becomes payable because the Judge dies; then, for purposes of section 8, the rate of the pension that would have been payable to the Judge is the rate worked out for the retirement pension under subsection (2) of this section (disregarding subsection (3)). (9) If the rate of a retirement pension or relevant pension is reduced under this section, the reduction is to be disregarded in working out the rate of any non‑standard pension that later becomes payable.