Explanatory note

These Regulations amend the Additional Voluntary Contribution scheme in Part 2 of the Judicial Pensions (Additional Voluntary Contributions) Regulations 1995 (S.I. 1995/639) to–

• insert a definition of accrued benefits (regulation 3(a));

• increase the ways in which members may contribute to the scheme (regulations 4, 5 and 6);

• remove certain limits on the level of members’ contributions (regulation 4);

• make it compulsory that the member elects that his or her contributions be paid into particular types of investments (regulation 7);

• allow transfers in to the scheme from a qualifying recognised overseas pension scheme (regulation 8 and a definition of “qualifying recognised overseas pension scheme” is inserted by regulation 3(b));

• extend the range of benefits that are payable by reference to that which is permissible under the Finance Act 2004 (c.12) (regulation 9);

• remove the restriction that benefits may only be paid at or after a member’s normal minimum pension age (regulation 9);

• ensure that administrative expenses are deducted from the realisable value of the investments made by the administrators with the contributions made by the member (regulation 11).

A full impact assessment has not been produced for this instrument as no, or no significant, impact on the private, voluntary or public sectors is foreseen.