Regulation 66 Effect of allocation electionI1

United Kingdom

(1)

If an allocation election takes effect—

(a)

the member’s pension is reduced accordingly (and this reduction applies even if the beneficiary predeceases the member); and

(b)

if the beneficiary survives the member, on the member’s death the beneficiary becomes entitled to the payment of a pension for life (“allocated pension”) of an amount determined by the scheme manager, after consultation with the scheme actuary, having regard to—

(i)

the amount of retirement pension allocated under the election, and

(ii)

the beneficiary’s age and gender.

(2)

The scheme manager may withhold payment from the beneficiary if—

(a)

the member dies before the end of the period of two years beginning with the date on which the election takes effect; and

(b)

the scheme manager is satisfied that the member made a false declaration about the member’s state of health when making the election.

(3)

An allocation election in relation to a retirement pension has no effect if it would result in an allocated pension being paid—

(a)

on the member becoming entitled to the retirement pension, to a person who is not—

(i)

the member’s spouse or civil partner;

(ii)

financially wholly or mainly dependent on the member; or

(iii)

financially interdependent with the member;

(b)

on the death of the member, to a person who is not the member’s surviving adult.

Annotations

Commencement

I1: Reg. 66 in force at 1.4.2022, see reg. 1(4)