Regulation 62 Commutation supplementI1

United Kingdom

(1)

Where—

(a)

a member (P) ceases to be in pensionable service under this scheme (other than by death in service); and

(b)

P has exercised the option under either regulation F160(1) or regulation 61(2),

P is entitled to be paid an additional amount (a “commutation supplement”) calculated under paragraph (2).

(2)

The sum payable to P is an amount sufficient, after deduction of any applicable income tax and national insurance payable by P arising as a result of such payment, to result in P receiving a net sum equal to—

(a)

the income tax payable by P on any lump sum payable under either regulation F260(1) or regulation 61(2) that relates only to uncrystallised rights under this scheme; plus

(b)

the national insurance contributions payable by P (if any) in relation to the lump sum received pursuant to either of those regulations.

(3)

The commutation supplement is payable at the same time as payment of the lump sum.

(4)

In this regulation, “uncrystallised rights” has the meaning given in section 212 (valuation of uncrystallised rights) of the FA 2004.

Annotations

Textual amendments

F1: Word in reg. 62(1)(b) substituted (17.12.2024) by The Judicial Pensions (Amendment) Regulations 2024 (S.I. 2024/1358), regs. 1(1), 5(a)
F2: Word in reg. 62(2)(a) substituted (17.12.2024) by The Judicial Pensions (Amendment) Regulations 2024 (S.I. 2024/1358), regs. 1(1), 5(b)

Commencement

I1: Reg. 62 in force at 1.4.2022, see reg. 1(4)