Regulation 5 Amendments to Part 5 (retirement benefits)

(1)

Part 5 (retirement benefits) is amended as follows.

(2)

In regulation 59(2) (annual rate of retirement pension (active members)) for “paragraphs (a), (b) and (c)” substitute “sub-paragraphs (a), (b), (ba)^f1 and (c)”.

(3)

In regulation 71 (option to commute part of pension) in paragraph (4)—

(a)

after “exchange” insert “for a lump sum”; and

(b)

in sub-paragraph (a) omit “for a lump sum”.

(4)

In regulation 71A^f2 (option to commute part of an equivalent amount)—

(a)

in the opening words of paragraph (3) for “rule” substitute “regulation”; and

(b)

after paragraph (3) insert—

“(4)
Where the person is entitled to the immediate payment of an equivalent amount to the 1992 Scheme lower tier ill-health pension and exercises the option to commute under this regulation, the lump sum is calculated in accordance with rule B7 (commutation-general provision) of the 1992 Scheme.”.

Annotations

Footnotes

f1: Sub-paragraph (ba) was inserted by regulation 2 and paragraph 5(a) of Schedule 1 to, S.I. 2015/589.
f2: Regulation 71A was inserted by regulation 2 and paragraph 5(f) of Schedule 1 to, S.I. 2015/589.