Regulation 91 Member’s option to make periodical contributions to purchase added pensionI1
United Kingdom
An active member may opt to make periodical contributions during the contribution option period to increase—
the benefits payable to the member under Part 5 (retirement benefits); or
the benefits payable under Part 5 and Part 6 (death benefits).
The option must be exercised by notice in writing to the scheme administrator in such form and subject to such conditions as the scheme manager requires.
A member may exercise the option more than once but the option may only be exercised once in any scheme year. This is subject to paragraph (9) and regulation 94 (periodical contributions: special cases).
If a member exercises an option under paragraph (1), the contributions are payable by deduction from the member’s earnings for the first pay period of the scheme year beginning when the scheme administrator considers appropriate on or after the date on which the scheme administrator receives the member’s application to exercise the option and for all subsequent pay periods beginning during the contribution option period. This is subject to regulation 93 (cancellation of options to make periodical payments) and regulation 94 (periodical contributions: special cases).
If a member exercises an option under paragraph (1)—
the contributions payable are to be fixed sums;
in the case of an option under paragraph (1)(a), the amount that the member is entitled to count as added pension (member) for a scheme year in which those contributions are paid is such amount as is indicated as appropriate for the amount of those contributions in tables issued by the scheme manager after consultation with the scheme actuary; and
in the case of an option under paragraph (1)(b), the amount that the member is entitled to count as added pension (member and dependants) for the scheme year in which those contributions are paid is such amount as is indicated as appropriate for the amount of those contributions in tables issued by the scheme manager, after consultation with the scheme actuary.
This is subject to paragraph (6).
The total pension amounts included in the member’s pension account regulation 29 (establishment of active member’s account) as a result of contributions made under this regulation, taken together with—
any pension amounts so included as a result of contributions made under F1regulation 92 (member’s option to pay lump sum contributions to purchase pension); and
any pension amounts included in any other pension account established at any time under regulation 29 (establishment of active member’s account) in respect of the member as a result of—
contributions made under this regulation; or
contributions made under F2regulation 92 (member’s option to pay lump sum contributions to purchase pension),
may not exceed such amount as the scheme manager, after the consent of the Treasury has been obtained, may for the time being determine.
A member may not make contributions under this regulation of less than such amount as the scheme manager may for the time being determine.
In these Regulations “the contribution option period”, in relation to an option under this regulation, means—
a scheme year; or
such shorter period as may be specified in the notice relating to the option.
A member may not exercise the option under paragraph (1) and the option under regulation 92(1) (member’s option to pay lump sum contributions to purchase pension) in the same scheme year.
Annotations
Textual amendments
- F1
Words in reg. 91(6)(a) substituted (1.4.2015) by The Armed Forces Pension Scheme and Early Departure Payments Scheme (Amendment) Regulations 2015 (S.I. 2015/466), regs. 1(2), 16
- F2
Words in reg. 91(6)(b)(ii) substituted (1.4.2015) by The Armed Forces Pension Scheme and Early Departure Payments Scheme (Amendment) Regulations 2015 (S.I. 2015/466), regs. 1(2), 16