PSI6.4.42 - Total Benefits On Retirement At Normal Retirement Age: Pensionable Remuneration and Final Remuneration - Earnings which Peak in Mid-Career

(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)

The terms of PSI6.4.15(b) are very wide. If a 3 year averaging basis is used it enables earnings beginning as far back as 13 years before NRD to be used. If a longer averaging period is used then even earlier earnings can be taken into account. The definition is thus intended to help those whose earnings peak in mid-career and who otherwise would not benefit from the normal "best year in the last five" basis.

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