This note is addressed to the Lord Chancellor in their capacity as the Scheme Manager of the Judicial Pension Scheme 2022 (JPS 2022).
The purpose of this note is to provide the Lord Chancellor with specific factors and accompanying guidance to demonstrate how the age addition percentages should be calculated in the JPS 2022.
The amount of the age addition percentage (if any) is to be determined by the Scheme Manager after consultation with the Scheme Actuary or taking into account tables prepared by the Scheme Actuary, in accordance with the interpretation of 'age addition' under the regulations.
This note is applicable only to benefits accrued in JPS 2022.
A member may have benefits in both the JPS 2022 scheme and NJPS. For the purposes of calculating a member's late retirement pension before any commutation option is exercised, the member's NJPS and JPS 2022 late retirement pensions should be calculated separately using the relevant NJPS or JPS 2022 guidance notes.
The following changes have been made when reviewing this guidance:
- Important information around the expected audience for the guidance, use of the guidance, review of factors, compliance and limitations applies across all sets of guidance. Rather than being repeated in each set of guidance, this can now be found on the scheme home page. It is important to read this information alongside the guidance.
- Calculation methodology: No changes have been made to the calculation methodology.
- Examples: There are no examples in this guidance. Worked examples, using the calculation methodology, can be found in prior versions of the guidance (though please note that these use historic factors).
- Factor tables: The "Factor Tables" tab contains the names of the tables that are referenced in the calculation methodology. The tables of factors themselves can be found in the most recently published "Consolidated Factors Workbook" which is available by clicking the "Download current Consolidated Factors Workbook" button on the scheme's home page.
- Assumptions: The key assumptions underlying the factors in each note are contained in the Consolidated Factors Workbook.
- Regulations: The regulations that require the production of the actuarial factors and/or guidance that is the subject of this note are summarised in the "Regulations" tab.
