Regulation 128S Variation of added units of benefit after conversion under regulation 128RF1

(1)

This regulation applies where added years are converted into added units of benefit for a member under regulation 128R.

(2)

A retired FPJABS member may—

(a)

purchase more added units of benefit by giving a notice under regulation 128E; or

(b)

decrease the number of added units of benefit by giving notice in writing to the administrators before 1st April F22027 (or by such later date as the administrators may agree).

(3)

If the retired FPJABS member purchases more added units of benefit, the following provisions apply as if the added units of benefit obtained under regulation 128R were included in the member’s notice given under regulation 128E—

(a)

regulation 128D(1) (assumed contribution commencement date);

(b)

regulation 128F (limits on maximum purchases);

(c)

regulation 128H (limit on contributions by retired FPJABS members);

(d)

regulation 128J (cost of added units of benefit for retired FPJABS members); and

(e)

regulation 128L (valuation of benefits).

(4)

If the retired FPJABS member purchases more added units of benefit, they must pay the additional contribution due, by lump sum payment to the administrators, within 12 months of the date on which they served notice under paragraph (2)(a).

(5)

If the retired FPJABS member decreases the number of added units of benefit, they are entitled to a refund of the excess contributions together with interest.

(6)

For the purposes of paragraph (5), excess contributions are calculated by reference to the contributions paid by the member for the purchase of the associated added years before conversion.

(7)

An unretired FPJABS member may—

(a)

purchase more added units of benefit by giving a notice under regulation 128E; or

(b)

decrease the number of added units of benefit by giving notice in writing to the administrators before 1st April F32027 (or by such later date as the administrators may agree).

(8)

If the unretired FPJABS member purchases more added units of benefit the following provisions apply as if the added units of benefit obtained under regulation 128R were included in the member’s notice given under regulation 128E—

(a)

regulation 128D(1) (assumed contribution commencement date);

(b)

regulation 128F (limits on maximum purchases);

(c)

regulation 128I (limit on contributions by unretired FPJABS members);

(d)

regulation 128K (cost of added units of benefit for unretired FPJABS members); and

(e)

regulation 128L (valuation of benefits).

(9)

If the unretired FPJABS member purchases more added units of benefit, they must either—

(a)

agree to an increase to their periodic contributions so that the appropriate amount is payable by the time of their assumed retirement date; or

(b)

pay the additional contribution due, by lump sum payment to the administrators, within 12 months of the date on which they served notice under paragraph (2)(a).

(10)

If the unretired FPJABS member decreases the number of added units of benefit, they are entitled to a refund of the excess contributions together with interest.

(11)

For the purposes of paragraph (10), excess contributions are calculated by reference to the contributions paid by the member for the purchase of the associated added years before conversion.

Annotations

Textual amendments

F1: Pts. 14A, 14B inserted (1.4.2023) by The Judicial Pensions (Fee-Paid Judges) (Amendment) Regulations 2023 (S.I. 2023/403), reg. 1(1), Sch.
F2: Word in reg. 128S(2)(b) substituted (17.12.2024) by The Judicial Pensions (Amendment) Regulations 2024 (S.I. 2024/1358), regs. 1(1), 34(a)
F3: Word in reg. 128S(7)(b) substituted (17.12.2024) by The Judicial Pensions (Amendment) Regulations 2024 (S.I. 2024/1358), regs. 1(1), 34(b)