PSI6.4.3 - Total Benefits on Retirement at Normal Retirement Age: Pensionable Remuneration and Final Remuneration - Statutory Definition

(This archived guidance relates to HMRC discretionary practice before the 6th April 2006. For current guidance on Registered Pension Schemes see the Registered Pension Schemes Manual)

Section 612 ICTA 88 defines "final remuneration" as "the average annual remuneration of the last 3 years' service". This statutory definition is obligatory for schemes which seek mandatory approval under section 590 ICTA 88 (see PSI2.3.5-7).