Regulation 22 Use of accumulated value of AVCs and SCAVCsF1I1
Northern Ireland
This regulation applies where a person who has paid AVCs or SCAVCs during his employment or made a transfer under regulation 21(8) (additional voluntary contributions)—
leaves his employment with the employing authority notified under regulation 21(5)(a)—
without entitlement to immediate payment of retirement benefits; or
with such entitlement under regulation 16 (normal retirement), 17 (retirement after the normal retirement age), 18 (flexible retirement), 19 (early leavers: inefficiency and redundancy), 30 (choice of early payment of pension) or 31 (early payment of pension: ill-health) of the Benefits Regulations;
stops being an active member without leaving that employment; or
becomes entitled to ill-health benefits under regulation 20 (early leavers: ill- health) of the Benefits Regulations.
A person mentioned in F2paragraph (1)(a)(i) or (b) must notify the Committee in writing that he wishes the accumulated value of the AVCs or SCAVCs (“the accumulated value”) to be used in one or more of the permissible ways specified in the notification.
The permissible ways are—
to subscribe to a registered pension scheme (other than the Scheme);
to purchase an appropriate policy from one or more insurance companies (within the meaning of section 275 of the Finance Act 2004).
A person mentioned in F3paragraph (1)(a)(i), (1)(a)(ii) or (1)(c) may notify his employing authority in writing that he wishes the accumulated value to be used to provide additional pension for him under the Scheme, or partly to provide such pension for him.
If he does so, he becomes entitled to such additional pension as is shown as appropriate in guidance issued by the Government Actuary.
In the case of a person mentioned in paragraph (1)(b) the employing authority must, as soon as possible, inform the Committee that the person has stopped being an active member.
In the event that a member dies before the policy is entered into, the accumulated value is payable to his personal representatives.
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Annotations
Textual amendments
- F1
Regulations revoked (except reg. 4 for specified purposes, reg. 6 for specified purposes and reg. 11) (1.4.2015) by The Local Government Pension Scheme (Amendment and Transitional Provisions) Regulations (Northern Ireland) 2014 (S.R. 2014/189), regs. 1(1), 2(1), Sch. 2 (with regs. 3, 13, 14(1)(d), Sch. 5)
- F2
Words in reg. 22(2) substituted (with effect in accordance with reg. 1(2)(a) of the amending Rule) by Local Government Pension Scheme (Amendment) Regulations (Northern Ireland) 2012 (S.R. 2012/183), regs. 1(1), 20(a)
- F3
Words in reg. 22(4) substituted (with effect in accordance with reg. 1(2)(a) of the amending Rule) by Local Government Pension Scheme (Amendment) Regulations (Northern Ireland) 2012 (S.R. 2012/183), regs. 1(1), 20(b)
- F4
Reg. 22(7) substituted (with effect in accordance with reg. 1(2)(a) of the amending Rule) by Local Government Pension Scheme (Amendment) Regulations (Northern Ireland) 2012 (S.R. 2012/183), regs. 1(1), 20(c)
- F5
Words in reg. 22(8) deleted (with effect in accordance with reg. 1(2)(a) of the amending Rule) by Local Government Pension Scheme (Amendment) Regulations (Northern Ireland) 2012 (S.R. 2012/183), regs. 1(1), 20(d)
- F6
Reg. 22(9)(10) inserted (with effect in accordance with reg. 1(2)(a) of the amending Rule) by Local Government Pension Scheme (Amendment) Regulations (Northern Ireland) 2012 (S.R. 2012/183), regs. 1(1), 20(e)
- F7
Reg. 22(10) omitted (18.11.2019) by virtue of The Local Government Pension Scheme (Amendment) Regulations (Northern Ireland) 2019 (S.R. 2019/206), regs. 1(1), 55